One week outlook of Wheat Import in Asia

Introduction: Asian wheat industry said on Monday that as buyers expect to complete routine purchases this week, buyers in the Asian market will actively purchase edible wheat this week Buyers also plan to bid now, fearing that tighter US wheat supplies will lead to higher prices This week, Taiwan flour processing industry association (tfma) will look for 166000 tons of us No 1 wheat to be shipped from the Pacific Northwest port from mid August to the end of October In South Korea, dongah flour processing company and Cheil jedang company will jointly bid for 22700 tons of us No.1 wheat, which will be shipped from the Pacific Northwest port to Busan from August 10 to September 10 In addition, Daehan flour processing company of South Korea will buy 21500 tons of American wheat, which will be shipped from the Pacific Northwest port to Incheon from August 20 to September 20 An official of a South Korean company looking for us wheat this week said the price is not very reasonable, but we need to complete the purchase of routine demand Last week, U.S wheat, including soft white wheat, hard red winter and black North spring varieties, traded between $133.50 and $155 per ton fob for August About a month ago, the transaction price was US $125-140 / ton, FOB Although Friday's fall in US wheat prices has had a partial impact on a buying spree in Asia this week, industry insiders said that the reason why buyers increased their purchases was mainly due to the expectation that US wheat stocks would fall and spot prices would rise The grain trader of a local company in Taiwan said that maybe the price will go up This year's hard red winter wheat output is not good, and the soft red winter stock is also very low, so some demand began to shift to hard red winter wheat, and the black North spring wheat output is not good On Thursday, the U.S Department of agriculture estimated 2002 U.S winter wheat production at 1.18 billion bushels, the lowest level since 1971, down 5% from June's estimate Hard red winter wheat production is expected to be 634 million bushels, down 6% from June's estimate The yield of soft red winter wheat decreased by 19.1 million bushels to 340.9 million bushels According to USDA, the reason why the output forecast is lower than that in June is due to the reduction of the harvest area and the reduction of the expected per unit yield The harvest area is expected to be 29.8 million acres, down 1% from June's forecast 5% less than last year, the lowest harvest area since 1917 US wheat futures fell Friday, with CBOT's September wheat down 5 cents, at $3.1825 a bushel, and December's down 6 cents, at $3.26 a bushel (author:) share to feed Weibo share to: