Prices 13/12/18

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Futures in the US wheat pit were higher by the close with the most strength being in the current crop contracts.
A distinct slow-down in Russian exports week on week and confirmation Egypt has paid US$5.00 per tonne more for 180kt of milling wheat out of the Black Sea helped wheat along.
GASC the state buying agency for Egyptian wheat, received offers of both Black Sea and US wheat. Although the US wheat price was in the mix the grain was purchased from Romania and Russia.

Around the globe most grades of wheat are firmer this morning. Australian APW is offered off the west coast at about US$280 per tonne. This would land at an end user on the LPP for roughly AUD$480.
Both Ukraine and Russian milling grades were firmer day on day by about US$1.00. Argentine wheat was firmer at an FOB level by a few dollars. As a comparison Argentine wheat could move into Egypt for roughly US$269, the price of last night’s business was about US$256 – 59.

In China Dalian May corn futures were flat, closing the session at about AUD$376 per tonne. In past years Australian sorghum has moved into China at about a AUD$50 premium to corn. This would convert to roughly AUD$350 – $360 NTP NTL.

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