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are wheat Cargo From Black Sea off the Philippines Said
A 45,000-metric-ton wheat shipment to the Philippines from Russia or Ukraine was canceled, according to two grain traders who track inbound cargoes
The contract was canceled by the supplier, according to the traders, who
declined to be identified because they aren’t authorized to speak to
the media. They didn’t name either party in the transaction. Millers
signed contracts to buy 1.15 million tons of wheat this year, up from
1.13 million tons last year, according to data from the Philippine Feed
Millers Association.
A drought in Russia, the worst in at least 50 years, drove the biggest
jump in wheat prices since 1973 last month. Prices also gained after dry
weather in Kazakhstan, Ukraine and the European Union and flooding in
Canada damaged crops. Russian officials are discussing grain export
restrictions, the nation’s Grain Union said yesterday.
Futures for December delivery in Chicago gained 2.7 percent to $7.76 a
bushel at 5:51 p.m. in Singapore. Futures traded as low $4.255 in June.
Feed millers in the Philippines bought more than 300,000 tons of wheat
for delivery from August to December, for at least $194 a ton including
freight, one of the traders said.
Source: Bloomberg
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