Wheat prices from the Black Sea region for supplies to Asian countries rose amid higher transport costs.
Despite the fact that Russia and Ukraine are expecting large-scale production, costs for buyers in Asia are on the rise, Refinitiv Agriculture reports.
"Bulk carrier freight is now over $60 per tonne from the Black Sea to Southeast Asia, compared to about $50 per tonne a week ago," one of the traders said.
Wheat from the Black Sea region is offered at $305-310 per tonne including cost and freight, compared to $280 per tonne a few weeks ago.
The grain price rally started last fall due to a poor yield and poor harvest forecasts. However, prices are not falling this year due to the cyclical nature of commodity prices and rising global inflation.
According to the results of the 2019-2020 marketing year, Ukraine ranked second after the United States in terms of the total volume of grain exports.