Black Sea Chaos Prompts Buyers To Seek Australia Wheat In Advance
- CBH says buyers eyeing Australian supplies in third quarter
- Supply chain is ‘certainly trying its best to respond’: Tiller
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With wheat flows from the Black Sea region snarled by Russia’s invasion of Ukraine, buyers are starting to consider forward contracts for Australian grains as far out as the third quarter, said top shipper CBH Group.
The war in Ukraine has left the world’s biggest importers scrambling for grain as shipments from the two countries grind to a virtual standstill. Russia and Ukraine normally account for more than 25% of global wheat exports, and there are increasing concerns that the fighting and chaos in the country will also reduce prospects for the harvests this summer.