Analysis: The global wheat market remains under pressure from expected high yields in Argentina and Australia.

Prices for Russian wheat (protein 12.5%) with delivery in November-December stabilized at $227.5/t FOB after falling last week. French wheat dropped to $225/t (-$3/t), German wheat to $226/t (-$3/t). Prices for wheat of other origins remained without significant changes compared to the previous week. The market remains under pressure from expected high yields in Argentina and Australia in the absence of significant weather risks for the next year's crop in the Northern Hemisphere. Saudi Arabia purchased 300 thousand tons of wheat at $257.96-259.74/t C&F, which translated to FOB Novorossiysk amounted to $227-229/t for 12.5% protein wheat. Jordan on November 18 contracted 60 thousand tons of wheat at $263.85/t C&F − translated to FOB Novorossiysk the price was $226/t, the same as the purchase in the previous week. Periodic night frosts in the Central Federal District and the Southern Federal District will harden winter wheat shoots. Dry weather is expected in the South this week ...