Asia grains-Russian suppliers offer wheat in asia, but buyers reluctant
Suppliers offered Russian wheat at lower prices this week in Asia, but most millers were unwilling to sign deals in the face of economic sanctions against Moscow, Singapore-based traders said.
Russian wheat with 11.5% protein was offered around $405-$410 a tonne, including cost and freight (C&F), to Southeast Asia, they said.
“Russian crop looks good and prices are very attractive at just above $400 a tonne,” said one of the traders. “But buyers are not willing to take chances with Russian supplies as cargoes might get into trouble, even though food is not under sanctions.”
The United States has issued clarification aimed at reassuring banks, shippers and insurance companies that transactions for Russian food and fertiliser exports would not breach Washington’s sanctions on Moscow over its invasion of Ukraine.
Last month, Russia-focused Sovecon consultancy raised its forecast for Russia’s 2022 wheat crop to 90.9 million tonnes from 89.2 million tonnes, it said on Thursday, citing high yields at the start of harvesting in southern regions.
Source: Reuters (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)