Wheat prices rose on the results of the Egyptian tender

Despite the rapid increase in the price of wheat importers continue active procurement.

increased bid prices of black sea wheat, which reached 235-240 $/t FOB and exceeded the prices of European wheat. Significantly supported the price of Russian wheat in the Egyptian tender results, where GASC yesterday bought 405 thousand tons of Russian wheat at a price 242 $/t FOB, which is 9 $/t higher than the purchase price on the tender last week.

strong demand continues to heat up prices for Russian wheat, despite the increase in crop forecasts. As of 22 September in Russia, with 93% of the area harvested of 84.1 million tonnes of wheat and 2 million hectares that is left, can collect 2 million tons.

Loss official forecasts for wheat harvest in Ukraine from 26.9 to 25.1 million tonnes, supported prices of Ukrainian wheat, which continues to rise and has already reached the $240/MT FOB, and bid in Egypt were offered at the highest price 248 $/t FOB.

the Purchase price of Ukrainian wheat at the port rose to 220-222 $/t or 7450-7550 UAH/t, but farmers are holding back sales in expectation of further price growth.

After the previous drop yesterday, the price of French wheat has turned up. After a sharp rise in price of Russian wheat traders realized that despite the loss on the Egyptian tender due to the high cost of freight, French grain will be able to compete with Russian on its traditional market in Algeria.

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• December futures milling wheat on MATIF rose by 1.5 €/t to 5-month high 194,75 €/t or 227,51 $/t

December wheat futures in the United States yesterday partially played the fall on Monday to support the revitalization of world export demand. Seeding of winter wheat for the week have accelerated to 10% to 20%, slightly higher than the average 5-year rate of 19%.

December futures U.S.:

the

1.65 $/t to 180,68 $/t for solid winter HRW wheat in Kansas city

1,84 $/t to 198,32 $/t on a firm spring HRS wheat in Minneapolis.

• 1.19 $/ton to 205,03 $/t for SRW soft winter-wheat in Chicago

South Korean Major Feedmill Group refused all the bids submitted for the tender on 22 September for the purchase of 70 thousand tons of feed wheat, due to too high proposal prices, the lowest of which was 255 $/t C&F.

the actions of the importers in the near future will demonstrate whether the price of wheat potential for further growth. Possible customers will reduce demand in anticipation of a new balance of USDA and the increased supply of Australian wheat, which will compete with the black sea on the Asian markets.