Analysis: The global wheat market has stabilized, but prices for Argentine wheat have continued to fall.

The global wheat market has stabilized, but prices for Argentine wheat continued to fall. Prices for Russian wheat with 12.5% protein for November delivery remained at $229/t FOB. Argentine wheat dropped to $208/t (-$7/t), while U.S. wheat increased to $228/t (+$1/t). Prices for European and Australian wheat remained at last week's levels. Algeria purchased 570,000 tons of wheat for December delivery at $258.5/t C&F, which translated to $226/t FOB Novorossiysk. Jordan did not purchase wheat and barley last week. New tenders will take place on October 28 and 29, respectively. Turkey announced a tender (October 30) for the supply of 250,000 tons of barley for delivery from November 10 to December 10 in batches of 5-25,000 tons. The wheat exchange market is growing, but there are still no fundamental factors to support it. The strengthening of wheat futures was due to the closing of short positions by speculative funds, as well as the rise in corn and soybean prices. Corn and soybean ...