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AMIS Market Monitor

last release: October 2018

International Prices

World wheat export prices retreated from the strong gains of the previous month. Ample nearby availabilities generally weighed on sentiment, with much of the focus on record early season exports by the Russian Federation which dampened buying interest from other origins. While the Russian Federation government officials continued to rebuff market talk of export restrictions, some price underpinning came from ideas that demand would shift to other suppliers as Russia’s availabilities tighten. There were some signs that shipments from the Russian Federation were starting to slow, with currency movements contributing to firmer export prices at that origin. A firmer price tone in global markets towards the end of the month came from deteriorating production prospects in Australia, harvest delays and concerns about possible quality problems in the Russian Federation and Canada, an acceleration of international buying interest as well as sub-optimal planting conditions for 2019/20 crops in parts of Europe and the CIS.