last release: April 2017
Despite increased importer buying interest, global export prices were weaker during March, with market fundamentals generally seen as bearish. Prices often responded to weather developments for 2017/18 crops, with conditions generally satisfactory or improving in the main producing regions. Together with mostly good harvest prospects, heavy old crop stocks contributed to the softer tone of prices. Although there were reports of some recent rejections on quality grounds, the stronger pace of buying by Egypt’s GASC continued and import purchasing is set to continue through the local-harvest procurement season in an effort to build stocks. Algeria, Saudi Arabia and Indonesia were among recent buyers of milling wheat from the global market, while Republic of Korea and the Philippines bought supplies for feed. There were reports that the Russian Federation had been excluded from a list of suppliers to Turkey that are eligible for a zero rate of import duty.