Bangladesh picked up 50kt of wheat overnight from Agrocorp International in Singapore at roughly $461 US C&F. This is believed not to be part of the 200kt of Russian wheat also being negotiated by Bangladesh. Russia continues to claim they have wheat sale issues to some destinations due to sanctions. Sanctions were never imposed on Russian food exports though. So, the reluctance of buyer’s banks to issue letters of credit are not justified and highlight some of the issues when doing business with countries like Bangladesh or allowing Russian boats to dock at destination ports.
SWIFT account transactions are still possible through some bank in Russia, so transfer of money is not a major problem either.

Talk of possible damage to wheat fields in Germany underpinned the Paris milling wheat market. Nearby September futures moving E3.00 higher while the Dec / Mar / May slots generally traded sideways. With cooler weather expected both in Europe and Russia later this week it may put pressure back on prices next week. In the US Chicago wheat traded a 30c range, settling towards the lower end.
The main shock wave being the cancellation of the Egyptian tender. It’s likely they will resubmit the tender again today or tomorrow.
Pakistan is also in the hunt for 200kt of milling wheat this week.
It appears that the recent decline in US values is now creating some more export demand. Weekly export averages out of the states are picking up. Further upward movement in price may temper demand though. Not something they want to see this time of year. Especially with Russia already having 22mt of wheat in the bin.
Wheat yields in western Ukraine appear to be very good with some reports of crops exceeding 6t/ha. The bank run in Henan China continues.