Asian Countries Acquire 500,000 Tons of Wheat from Australia and Argentina

Asian wheat importers have purchased at least 500,000 tons of Australian and Argentine wheat to replace delayed shipments from Ukraine and Russia. The delays are linked to attacks on vessels and export infrastructure in the Black Sea. In the past week, bulk agreements have been made for Australian and Argentine wheat to meet urgent needs. Importers, including Indonesia, Bangladesh, Vietnam, Malaysia, Thailand, and Sri Lanka, had previously booked about 2-2.5 million tons of Black Sea wheat for delivery from July to September, which accounts for approximately 30-50% of their import demand. Australian premium white wheat was bought at $315-330 per ton, while Argentine wheat was priced at $310-315 per ton. Black Sea wheat for August-September delivery was booked at $260-280 per ton. Chicago wheat futures have risen by 35% since late June. Prices reached a three-and-a-half-year high after Moscow lifted its moratorium on attacks in the Black Sea. Some buyers are using container shipping to mitigate risks.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.