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AMIS Market Monitor

last release: February 2019

International Prices

Wheat

After posting a modest gain in December, world wheat export prices remained firm in the past month. Early support was linked to less than ideal weather during the harvests in Argentina and Australia. More recently, markets were bolstered by signs of tightening export supplies in the Black Sea region, as reduced competition was seen benefiting export sales from other origins, including from the US and the EU. Any uplift to prices at those origins was muted by limited evidence of better demand, exacerbated by the interruption to market information releases by the USDA. The belief that inclement weather had likely curtailed US winter wheat plantings to historically low levels offered some price underpinning, as did a turn to potentially damaging cold for crops in the US Plains.