OREANDA-NEWS. May 12, 2016. Following the May 9 news of short covering deals for Russian deep sea port 12.5% protein wheat at \\$195/mt FOB, offers for May dropped \\$1 and were heard at \\$194/mt FOB.

Further out, old crop offers for June remained steady at \\$192/mt FOB, while the most competitive June bid was heard \\$3 below the May 9 indicative level at \\$187/mt FOB.

Trading in the Black Sea region, however, was slow as traders returned to work after the May 9 national holidays in Russia and Ukraine, and a number of holidays across Europe over the past week.

Sources added that the Black Sea market was also waiting for the release of USDA WASDE numbers, adding to the slow pace of events.

Meanwhile, as the number of offers heard in the market increased overnight as traders returned to work, the spread between Russian old crop and new crop wheat appeared to widen.

An offer for a July-August shipment of 12.5% protein wheat was heard at \\$180/mt FOB Russian deep water ports, \\$3 below the lowest seen May 9, stretching the gap between May and July offers to \\$14 from \\$12/mt.

Assessment Rationale

Russian deep sea wheat was unchanged at \\$191/mt on May 10 due to a stable June offer at \\$192/mt and a bid at \\$187/mt.

FOB Azov 12.5% protein wheat was unchanged at \\$179/mt due stable prices on the deep water market.

CIF Marmara 13.5% was unchanged at \\$199/mt due stable new crop/old crop spread between protein grades.

Ukrainian corn was unchanged at \\$182.50/mt due to a June offer at \\$184/mt and a bid at \\$178/mt.