Wheat Prices Finding Their Footing? | MED-Amin network | Scoop.it

By Brennan Turner (Farm Lead), 26/11/2018

Only Wheat prices are in the green this morning for grain prices thanks to some follow-on buying that U.S. wheat is getting more competitive.

Specifically, Egypt bought 240,000 MT of wheat last week, with half of it coming from American ports. It’s been suggested that Egypt may turn away from Russia as its principal wheat supplier as their amount of exportable supplies start to slow, but also there are questions about the quality coming out of their facilities.

The bigger news coming out of the Black Sea this Monday though is Russia having fired upon and then captured three Ukrainian warships off the coast of Crimea, the annexed region that Russia took control of a few years ago. As it relates to grain markets, there are questions about whether or not grain exports in the Azov Sea (where the naval clash took place) will be impacted. Reports are that its business as usual right now. It’s expected that Ukraine will vote today on whether to impose martial law or not. Should wheat exports indeed be impacted, this could be a quality opportunity for wheat prices to find its footing again.