American wheat price is high, South Korea is looking for cheap European wheat

Introduction: according to market participants, spot wheat prices in the United States remain high, leading some Korean flour mills to start looking for cheaper European wheat South Korea's leading flour manufacturers are working together to study the quality of European wheat, and they are likely to purchase more European wheat for mixing in wheat processing An official from a major flour processing company in South Korea told reporters that wheat prices in the United States are too high, so other options are now under consideration Wheat prices in the U.S are higher than in the first half of this year, due to high prices in the U.S futures market and farmers' reluctance to sell due to weather concerns Traders believe that US wheat prices are likely to rise further due to declining production and tight supply due to weather The selling price of American wheat to South Korea is 140-167 US dollars per ton, while the price in the first half of the year is 130-145 US dollars, FOB price The price of American soft white wheat sold to South Korea is about 140 US dollars per ton FOB The FOB price of durum red winter wheat and black North Spring Wheat ranges from $163 to $167 per ton In the first half of this year, the selling price of American soft white wheat, hard red winter wheat and black North Spring Wheat to South Korea was between 130-145 US dollars FOB If US wheat prices continue to rise, South Korean flour mills will consider buying European wheat, a Seoul based trader said More than half of South Korea's wheat imports for flour processing come from the United States, with Australia Accounting for 41% and Canada for 6% According to Y.J song, general manager of Korea flour processing industry association (kfmia), it is estimated that the wheat import of Korean processed flour will reach 2.2 million to 2.3 million tons in 2002, a decrease of 4% - 8% compared with last year This is mainly due to the fact that some wheat stocks of last year have not been completely used up and the flour consumption has not increased As aomai and Jiamai always follow the trend of meimai, the current pricing is too high, and Korean Buyers pay more attention to European wheat Australian wheat is similar to durum red winter wheat in the United States, while Canadian wheat is similar to black North Spring Wheat in the United States At present, there are few French and German wheat prices on the market, but traders said that the current price of French Wheat in South Korea is about $145 CNF per ton, and the price of German wheat is slightly higher than that of French wheat Some traders said it would be difficult to replace American wheat with European wheat because European wheat could not fully meet the needs of flour processing in South Korea For example, the settling time of American wheat dough is more than 350 seconds, but that of French wheat dough is about 200 seconds The so-called settlement number is used to measure the duration of dough before breaking Although Korean flour processors are very sensitive to wheat quality issues, some traders said Korean flour processors would not object to the use of wheat from other origins mixed with the common wheat varieties in the United States, Australia and Canada This may mean that the market share of American wheat will be gradually eroded by wheat from other regions An official from a Korean flour processing enterprise said that wheat quality is the first for the enterprise, but as long as we can provide the enterprise with wheat varieties similar to the quality of soft white wheat or hard red winter wheat and black North Spring Wheat in the United States, it will become our wheat supplier French wheat is similar to American soft white wheat, while German wheat is similar to American hard red winter wheat, the official said (author:) share to feed Weibo share to: