Reuters :Grain millers in Bangladesh are boosting their wheat purchases from Russia and Ukraine as cargoes from key exporter India fade due to a supply squeeze in that country.Bangladesh has booked about 800,000 tonnes of wheat from the Black Sea region for shipment between mid-July and October, up from around 550,000-600,000 tonnes in the same period last year, two trade sources said.Strong demand from South Asia’s top wheat importer and other key buyers could help buoy benchmark futures, which have been recovering from a 10-year low of $3.99-1/4 a bushel hit earlier this month due to pressure from plentiful global production.”India is out of the market, Bangladesh buyers are taking larger volumes of wheat as well as milling grade wheat from Russia and Ukraine,” said one Singapore-based trader.”It is all about prices, most Bangladeshi millers take the cheapest origin.”Buyers paid $155-$168 a tonne, free on board, for Black Sea feed wheat with about 10.5-percent protein content, the sources said. They declined to be identified as they were not authorised to speak with media.
