International demand for wheat declines sharply
Wheat has continued to slide on the back of sluggish international and sluggish European demand. Even Russia is struggling to sell prompting the quotations for 12.5% wheat to drop to USD 228/mt FOB Black Sea ports. As the Grain Union reports Russia’s exports stood at 405,600 mt on 05 February, which is 48% down on last year. Remaining export supplies range at 24.6 million mt. Egypt and Turkey have bought less, whereas shipments to Mexico are up. Algeria is increasingly turning to Russia rather than France.