The price of Platts milling wheat is rising amid stable demand and negative margin.

The average price for Platts milling wheat in October was $231 per ton compared to $229 per ton in September, driven by sustained demand for November and early December shipments, the strengthening of the ruble, weather conditions, and the negative margin. Black Sea exporters expect the same factors to influence November, when deals will mostly be concluded in December and early January. However, the harvest season in Argentina and Australia may exert downward pressure on prices, reports oilworld.ru citing S&P Global Platts. "I would expect Russian wheat to drop to $220 per ton by the second half of November," said one Russian wheat buyer, citing difficulties with the harvest. Another Russian seller added, "There are some buyers at $231 per ton, but they are not insisting on higher rates," indicating a potential decrease in offer prices. Demand mainly comes from Yemen, Turkey, Kenya, Libya, Egypt, Syria, and Oman. However, weather conditions and the marginality, with losses ...