The U.S. wheat market witnessed a notable rise of 10 cents per bushel following the revival of trade discussions between the United States and China on October 27. The renewed dialogue between the two major economies has sparked optimism in the global commodity markets, particularly for agricultural products such as wheat, Soybean and Cotton where trade relations play a key role in determining international price trends.
Simultaneously, MATIF (Euronext) wheat futures also strengthened, gaining about EUR 3 per metric ton. This concurrent upward movement in both U.S. and European benchmarks reflects a broader market sentiment that global wheat demand could pick up, especially if the U.S.–China negotiations result in improved trade flows or renewed purchasing commitments by China, one of the world’s largest grain importers.
The rise in international benchmark prices has directly impacted the CIF import prices for Pakistan. Previously, offers for Black Sea wheat were quoted around USD 271.25 per ton, with other black sea offers ranging between USD 272 and USD 275 per ton. However, following the recent bullish developments in global wheat markets, prices have increased by approximately USD 2 per ton. Current offers are now around USD 273 per ton for Russian-origin wheat, while other Black Sea origins are being quoted between USD 275 and USD 278 per ton.
This upward revision indicates that the international wheat market is entering a bullish phase, supported by both geopolitical developments and trade optimism. Traders and importers in Pakistan are likely to face higher procurement costs in the near term if the bullish momentum continues.
