A South African flour mill has made a rare purchase of about 35,000 tonnes of Russian-origin milling wheat, European traders said on Monday.
It was for August/September shipment. Price was unavailable.
“Russian wheat is still highly competitive for spot export positions for this size of shipment but the number of Russian wheat sales offers for deferred shipment positions has been cut sharply until the outcome of the upcoming Russian government meeting on the grains market is known,” a trader said.
A newly formed commission on food security, chaired by Russian Deputy Prime Minister Arkady Dvorkovich, will meet on August 8 to discuss the grain market.
Russia's grain trade association and analysts said they see no need for grain export restrictions to be imposed by Russia.
But poor harvest yields after a hard winter and a heatwave have been pushing Russian wheat prices up. - Reuters