Millers in the Philippines this week bought 55,000 tonnes of feed in a tender at $203 a tonne, including cost and freight, for shipment in August, traders said. Milling wheat from the Black Sea region with 11.5 percent protein was being offered between $210 and $215 a tonne, C&F, for August arrival, compared with $220 a tonne quoted earlier this month. "There are expectations of higher production in the Black Sea region, that is why prices are coming under pressure," a Singapore-based trader said.
Chicago wheat lost ground on Friday with the market set for a third week of decline after an inter-governmental body increased its forecast for world supplies amid rising production in the Black Sea region. The International Grains Council on Thursday nudged up its forecasts for world wheat production in the 2019/2020 season, largely reflecting an improved outlook for Russia's crop.
The inter-governmental body, in a monthly update, increased its global wheat crop forecast by 3 million tonnes to 762 million tonnes with Russia's production seen at 79.5 million tonnes, up from 77.1 million tonnes seen previously.
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