|“Wheat is a cog in a big machine,” said James Bolesworth, managing director of U.K.-based CRM AgriCommodities. “It’s going to take at least a season, if not two, for these supply and demand balances to come back into kilter.”
For now, some buyers are holding out for cheaper prices. Top importer Egypt canceled its third tender this year, and Saudi Arabia booked less supply for August and September than expected.
Russian shipments are also picking up as government export duties wane, though the taxes could complicate trade during the season.Read the full article on Bloomberg