Asian buyers turn to Australian, Argentine wheat amid Black Sea disruptions
WEAT•Asian importers secure alternative wheat supplies
Asian wheat importers have bought at least half a million metric tons of Australian and Argentinean wheat in recent deals, three trade sources said, as buyers scramble to replace Black Sea cargoes delayed by attacks on vessels and grain export infrastructure.
Importers in the region, including Indonesia, the world's second-largest wheat buyer, are paying sharply higher prices for alternative supplies, they said, with several countries relying heavily on imports to meet domestic demand.
"There have been bulk deals in the last one week to 10 days for Australian as well Argentinian wheat to fulfil urgent needs," said one Asian-based trader at an international trading company which supplies wheat to millers in the region.
"Importers are trying to take alternative shipments for cargoes that have not arrived from Russia and Ukraine."
