Chinese import delays have put pressure on wheat prices

Source:  Dry Bulk
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Wheat prices lurched lower to multi-year lows in Chicago and Paris amid reports that China had delayed taking ownership of several loads of French wheat.

According to European traders, Chinese buyers have pushed back to March, from December, imports of some of the 2 – 2.5 million t of French wheat they have believed to have bought.

The move undermined ideas of China’s appetite for wheat imports, after the country’s own crop suffered damage from harvest-time rains, provoking ideas it may make substantial purchases this season on the international market.

Paris milling wheat for March 2024 shed 1.6% to fall below €225/t for the first time since February 2022.

Chicago soft red winter wheat – which had shown signs of consolidating last week, helped by a Chinese purchase – dipped by 3% for March 2024 and set contract lows, a fate shared by March 2024 hard red winter wheat and Minneapolis spring wheat futures too.

US wheat exports the previous week, at 277 000 t, were 90 000 t down week on week too.

London feed wheat for November 2023 shed a more modest 0.9%, protected somewhat by the lack of urgency for the UK to compete for exports, given a disappointing harvest this year and compromised prospects for harvest 2024 thanks to a wet autumn sowings window.

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