last release: March 2017
Export prices continued to move higher during early February, although advances were trimmed later in the month amid more than ample nearby availabilities and generally favourable prospects for 2017 harvests. The strongest gains were in the Black Sea region and Argentina, eroding some of the export competitiveness those origins enjoyed in recent months. Currency movements accounted for much of the rally in Black Sea values, but with additional underpinning from seasonally tight logistics, slow farmer selling and occasional concerns about the weather for overwintering crops. Logistical problems, particularly out of Pacific North West ports, contributed to higher export prices in the US. The huge harvest weighed on prices in Australia, with export shipments reported to have surged over the past few weeks. Recent heavy import buying by India, mainly from Ukraine and Australia, was expected to slow as cutting of the domestic crop accelerates.