Grains and oilseeds: excessive imports prompt supply glut

December 1, 2023 at 12:12 PM , Der AUDITOR
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BRUSSELS. A wave of cancellations has hit wheat, corn is under pressure and alternative transport routes have rendered soybeans more expensive in Brazil. China is also confronted with a supply glut for rapeseed.

Cheap wheat in Australia

A wave of cancellations has caused wheat quotations to slip. China, for instance, delayed 300,000-400,000 mt of wheat purchased in France in December as Australian wheat is presently cheaper. Chinas imports climbed to 10.8 million mt in October, which is 38% up on last year. Issue is that rain has impacted the quality of the crop in China. Heavy rains have also given rise to concerns in southeast Australia as it is feared that 100,000 mt of wheat may have been lost and 1 million mt of milling wheat may have to be reclassified as feed quality

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