International wheat prices on Oct 24, experienced a modest increase last week, reflecting a slightly bullish sentiment in global markets. Euronext wheat futures settled at EUR 190.25 per metric ton, after testing a weekly low of EUR 187.25 per metric ton, indicating that prices remained largely range-bound throughout the week despite some intraday volatility. Meanwhile, in the US, wheat prices closed at USD 188.2 per metric ton, rebounding from a weekly low of USD 183.78 per metric ton, as market participants reacted to supply updates and weather developments, keeping overall trading activity somewhat volatile.
Global wheat production continues to remain strong, driven by favorable weather conditions and higher-than-expected yields in major exporting countries such as Australia and Argentina, both of which are reporting historically high production levels that are expected to help stabilize international supplies. In the case of Russia, high-quality wheat with 11.5% protein content for CIF delivery during the first half of December was quoted at USD 271.25 per metric ton, reflecting steady demand from global buyers seeking Black Sea origin wheat.
In the context of Pakistan’s wheat imports, the majority of the wheat is sourced from Russia and other Black Sea region countries, where CIF offers are currently quoted in a relatively narrow range between USD 272 and 275 per metric ton, indicating a stable market environment for prospective importers, despite some underlying concerns about logistical challenges and global market fluctuations.
