The results of the tenders continue to heat up wheat prices

On data on the outcome of the tenders in Egypt, Turkey and Jordan exchange wheat quotations yesterday played the previous fall, while physical markets increased competition between the black sea and European wheat slowed the growth of prices.

Turkish news Agency TMO yesterday at the tender acquired only 440 thousand tons of Russian wheat mainly from scheduled of 1.27 million tons at a price 240-248 $/t CFR, which is on from 19 to 27 $/t higher than the price of trading on August 25.

Egyptian GASC bought 235 thousand tons of Russian and Polish wheat at an average price of 249,35 $/t CFR, which is 9 $/t higher than the price of the tender on 3 September.

Jordan acquired 120 thousand tons of Russian and Romanian wheat at the price 254,9 $/t CFR, which is 2.3 $/t higher than the price of the auction on 9 September.

Algeria which previously imported mostly French wheat, reduced demand for imported grain, which will allow it to buy Russian wheat and increase competition between Russian and European wheat.

strong demand from importers supported prices in the black sea milling wheat at the level of 230 $/ton FOB.

Russia per week exported 1.23 mln tonnes of wheat, and from the beginning of the season – 8.5 million tonnes, which is 4% below the respective last year's indicator. As of September 15, with 90% of the area produced 82 million tons of wheat, so with the space that is left will be collected 3 million tons of wheat, and forecasts exports will increase. The pace of sowing is ahead of last year, and winter wheat already planted 45% of the scheduled record 19 million hectares.

In Ukraine, purchasing prices for wheat rose in port before 212-214 $/t or 7100-7200 UAH/t due to the active export demand and the containment of sales producers that on the background of the rapid rise in price of all agricultural products stopped sales.

French wheat after falling to 2-week low yesterday, rose in support of Chicago. Traders are cautiously reacted to the decline by the government of Algeria requirements to the quality of wheat that will increase competition with Russian wheat. Although some experts believe that even though this is France in the current season will significantly reduce exports to Algeria due to the drastic reduction of production.

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• December futures milling wheat on MATIF rose 1.25 €/t up to 188 €/t or 221,23$/t

the price of soft wheat in Chicago after falling to 3-month low yesterday increased with the support of neighbouring markets of soybeans and corn, which have been strengthened by speculators and rising oil price.

December wheat futures in the U.S.:

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by 2.57 $/ton to 174,53 $/t for solid winter HRW wheat in Kansas city

by 2.66 $/t to 195,29 $/t on a firm spring HRS wheat in Minneapolis.

• 1.38 $/t to 199,15 $/t for SRW soft winter-wheat in Chicago

According to experts, weekly export sales of US wheat will be 300-700 thousand tons.