23.
06.15
15:46

India will supply France and Russia to the wheat buyer

Indian Müller and the local branches of multinational trading houses brought the import of 500,000 tons of recent from Australia since March on the way. This is the largest amount for over a decade, although there are overhangs in India.
First the millers in India were to forced to import quality wheat with high protein contents, because there were in RAINS undesirable in February and March and affected the crop quantity and quality. Attractive prices on the world market caused traders Cargill imports directly to participate in Louis Dreyfus and Glencore.
Meanwhile Müller and importers could import this time more 500,000 tons of wheat, from France and Russia, because here the crop is coming. That possibly explains the current rise in the futures market. Market observers believe that French and Russian wheat due to favorable prices after India will find the path if the euro still losing value, France will make the race, maybe even alone. Almost half of the already contracted quantity was purchased for $255 to $275 per tonne cif, the rest is intended for July delivery, according to insiders.
Although rain and hail disrupted the local wheat crop, India, the second-largest wheat producer in the world, has built up big inventories, when record harvests have been run in the last eight years in a row. The year's harvest is official 90 million tons estimated at almost 5% less than in the previous year, but significantly more than the national consumption of 72 million tonnes. The wheat grows in the northern parts of the country and the plains in the Centre, while the mills are located in the Indian Ocean to the South. So, it can be temporarily interesting to import wheat with high protein contents from Australia. The large import volume this year surprised but also professionals. Differently than in other years some mills can unload wheat directly from the ships this year for the first time, what favours the access to the world market.
French and Russian wheat costs approximately $185 to $190 per tonne fob. Indian wheat with high protein contents costs so that imports represent a big competition, however, more than $300 per tonne. Russian wheat should meet but hardly the quality requirements of the Indians, so France should have may have the edge.

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