OREANDA-NEWS. Australian wheat export activity was mostly centered on India, from where there continued to be buying inquiries, traders reported May 11.

At least three cargoes of Indian-spec APW were concluded in the week from April 28 to May 5, Platts market data shows, typically between $223-$227/mt FOB.

Australian growers have now sold about 75%-80% of this harvest's wheat, much of which at high prices, aSingapore trader said, resulting in a reluctance of exporters to drop their offers.

There was some early talk of new crop Australian wheat trading in the internal track market, with December 2016 or January 2017 shipments currently being negotiated at a FOB equivalent of $220-$225/mt FOB WA, a trader said.

Assessment Rationale

Platts assessed APW $0.50/mt higher day on day at $220.50/mt FOB WA May 11, with best buy and sell-side indications at $217-$223/mt, up marginally from $217-$222/mt May 10.