Despite the decline in stock prices, Egypt purchased wheat more expensive than the previous auction

2019-07-10 12:21:23
Machine translation
Despite the decline in stock prices, Egypt purchased wheat more expensive than the previous auction

amid improving weather in the United States and Europe and admission of grain, market prices for wheat are reduced. So yesterday at the tender in Egypt's GASC was planning to buy wheat at reduced prices.

 

In the end, GASC bought 180 thousand of Romanian wheat at the price 213,44 $/t CFR and 60 thousand tons of Ukrainian wheat at a price 215,34 $/t CFR, which corresponds to the level of $198/t FOB. Russian wheat was offered at 198-202 $/t FOB, however, due to the high cost of freight price CFR exceeded 217 $/t, so the application was rejected.

 

Last week, GASC bought 60 thousand of Romanian wheat at the price 196,71 $/t + freight 13,75 $/t = 210,46 $/t CFR.

 

  • Yesterday, futures for milling wheat on MATIF fell by 3.75 €/t until at least 7 weeks 173 €/t or 193,85 $/ton, primarily due to the increased projections of wheat production for France.

 

Ministry of agriculture of France in the first official report estimated wheat crop of 37 million tonnes, which is 8.5% higher than the harvest of the previous season and 3.6% higher than the average 5-year average. The forecast of acreage under wheat increased from 4.88 to 5.01 million hectares, the average yield - from 69.8 to 73.7 kg/ha.

 

prices pressured the results of the Egyptian tender where fierce competition between the black sea grain leaves no chances to win the French or us wheat.

 

the Chicago stock Exchange has accelerated the decline thanks to improvements in the condition of spring wheat and promotion of harvesting of winter crops.

 

the July wheat futures in the U.S. fell:

0.55 $/t to 161,85 $/t for solid winter HRW wheat in Kansas city

to 2.39 $/t to 193,54 $/t on a firm spring HRS wheat in Minneapolis.

  • by 2.57 $/ton to 187,30 $/t for SRW soft winter-wheat in Chicago

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