Ukrainian wheat prices gradually rebounding - UAC

MOSCOW. Nov 15 (Interfax) - Prices for Ukrainian wheat are gradually starting to rebound after declining last week, Ukrainian media said, citing the Pusk analytical center, set up within the Ukrainian Agri Council (UAC).

"Market traders reduced the prices simultaneously last week. The decline continued for two days, and wheat prices returned to their previous level by the end of the week and began growing at the beginning of this week. At the same time, the volume of supply on the CPT markets is very low, because the export has shifted from the Odessa ports to Constanta," the center's analysts said.

A total of 622,000 tonnes of wheat of the contracted 1.4 million tonnes had been exported by November 13.

"Grain is in demand. Wheat is starting to be shipped to Asia by sea increasingly often under earlier signed contracts. The market has picked up. Global prices are growing. We are now observing another wave of demand from Asian countries for Ukrainian wheat with delivery in December-January," the analysts said.

The prices for a tonne of grade 3 wheat are $170-$175 CPT at the Odessa ports, they said. The prices may grow to $180 per tonne this week. The price of fodder wheat, which currently costs $130-$135 per tonne, may reach $142 per tonne.

The prices at the Danube ports are approximately at the same level. Italy is demonstrating high demand for fodder wheat. The prices for a tonne of wheat with delivery in December are $200 DAP Italy, the UAC said.