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Australian export markets remain quiet

August 24, 2017

Australian wheat export markets still remain on the quiet side however the level of pricing interest has increased over the last 10 days. Most of the inelastic buyers have been happy to watch markets fall and most still have time on their side to purchase their October, November and December requirements. Black Sea 11.5% protein wheat is pricing into Indonesia in low 200’s keeping pressure on Aussie values. It is reported that the Russian and Ukrainian barley crops are bigger than initially expected but the timing of this coming to market will be the key to future market direction. Ukraine barley continues to be the cheapest origin for a Jan position @ approx. USD183 FOB or USD 215 Saudi Arabia equivalent.

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