SINGAPORE: Feed millers in the Philippines this week bought Australian wheat for shipment in October at around $330 a tonne, including cost and freight, two trade sources said.
“Prices have gone up and buyers are trying to come to terms with that,” said one of the traders in Singapore. “They bought wheat for feed but Australia does not have lower quality wheat, so it will be regular milling wheat used for animal feed.”
Chicago wheat futures on Friday were on track for a second monthly gain after a severe drought curbed production of top quality spring crop in the United States and as Russia, the world’s largest wheat exporter, reduced its output estimates.
Scouts on the second day of the Wheat Quality Council’s annual tour found that spring wheat yield prospects in northwest North Dakota were well below average.
The final yield projection for North Dakota, the top US spring wheat producer, peg the state’s yield at 29.1 bushels per acre, far short of the crop tour average from 2015 to 2019 of 43.6 and the lowest on record going back to 199.
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