OREANDA-NEWS. March 18, 2016. A slight dip in the Australian dollar made wheat exports marginally more competitive and most traders adjusted down their offers by \\$1-\\$2/mt from the day before.

In spite of this, the bid-offer gap remained wide.

Buyer focus was still mostly on Ukrainian 11.5%, which was being offered in the \\$190-\\$195/mt CFR Southeast Asia range, around \\$5/mt above buying interest for May-June shipments, resulting in limited trade, traders said.

The trade flow to India remained somewhat murky, though at least three transactions have been partially confirmed done in late February and early March.

The transactions between traders and Indian consumers include washout clauses allowing the deals to be cancelled if the 25% import duty remains in place beyond March 31, sources said.

Assessment Rationale

Australian APW wheat was assessed down \\$2/mt day on day at \\$216/mt FOB WA March 16 as a weaker Australian dollar and CBOT futures contracts resulted in lower buy-sell indications, with the best indicative bid-offer levels at \\$215-217/mt FOB WA.