Wheat purchases from both Egypt and Algeria confirm that importers will need to pay more for wheat.
Egypt picked up 180kt of Black Sea wheat. 120kt from Romania and 60kt from Ukraine. Values were said to be some US$38 higher than their last tender. Algeria was thought to have picked up 250kt at some US$28 more than their last business. The absence of Russian wheat from these tenders is increasing prices.

Durum wheat was priced at US$437 C&F China out of the US Pacific North West. This is roughly comparable to about AUD$500 – $510 delivered port for 13.5% DR1. French durum out of La Pallice to Italy was priced at US$460 C&F Italy. Converting this one back to an Aussie port equivalent we come up with something close to AUD$490. So from the outside local cash bids, incorporating trade margins, are probably close to the number for now.

French barley is offered at about US$287 FOB France, it costs roughly US$62 to run this into Saudi Arabia. Australia has a slight frieght advantage to Saudi Arabia over west coast France, at roughly US$50 per tonne. So in theory this could equate to an Aussie port price for feed barley of roughly AUD$360 – AUD$370 per tonne. Black Sea barley works into Saudi Arabia at about US$317 FOB SA. This would roughly come back to an Aussie port price of about AUD$390. The pressure on barley may come from lower grade wheat offers in time.