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The Economic Times

Asian wheat importers buy at least 500,000 tons from Australia and Argentina as Black Sea shipments stall

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Black Sea shipping and infrastructure disruptions are forcing Asian importers to replace delayed Russian/Ukraine cargoes with Australian and Argentine wheat, lifting delivered prices well above prior Black Sea levels. Tight near-term availability and logistics risk are reinforcing a sharp rise in Chicago wheat futures and higher cash quotes across exporters. The shift suggests continued sensitivity to any escalation in Black Sea grain corridor security and port operations.
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Asian wheat importers have bought at least 500,000 tons from Argentina and Australia to replace delayed Black Sea cargoes. Australian Premium White wheat has traded around $315$330 per ton and Argentine wheat around $310$315 per ton, well above the $260 to $280 per ton seen for Black Sea cargoes. Benchmark Chicago wheat futures have risen about 35% since late June, while cash prices have climbed across competing exporters. Asian processors have booked about 2.0 million to 2.5 million tons of Black Sea wheat for July-September shipment, covering roughly 30% to 50% of import demand.