Indian, Australian wheat fills gap in Asia

Wheat from India and Australia are filling the vacuum left behind by South America in Asian feed markets. Reuters reported exports from these sources would reach 32.5mt in 2021/2022. South Korea has bought 400,000 tons of Indian wheat while the Philippines and others in Southeast Asia have taken Australian wheat. High corn futures prices are also expected to drive demand for wheat. Currently, Indian wheat is the cheapest at USD 315/ton, with Australia following at USD 335/ton. Black Sea wheat, a favorite in Asia, has lost ground with lower output in Russia.