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Western Australian noodle wheat has moved to an $80 per tonne premium over APW, with ANW1 bid at $369 against APW1 at $288 ex-Kwinana on June 10. Demand is about 750,000 tonnes, mostly from Japan and Korea.
Analysts say the premium reflects concentrated trader ownership of noodle wheat rather than a shortage.
The premium is driven by trader positioning and is not expected to last, so it has limited effect on broader wheat prices. It may still widen spreads for specialty wheat buyers.
countryman.com.auJenne BrammerJun 16, 2016Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
