Egyptian innovations even more have fallen off the wheat markets
on Monday, the wheat quotations wheat in Chicago continued its decline. This time the driving force was the news out of Egypt.
Ministry of agriculture has decided to ban the import of any grain, the content of ergot which exceed 0%. This will lead to a sharp decline in procurement of wheat country, which is considered one of the largest importers of wheat. Unrealized amounts of grain will be even stronger pressure on prices in the global market.
Traders believe that Egypt will not be able to get the required amount of wheat with zero content of ergot. However, it seems that the Egyptians still do not understand. Probably dramatically reduced the number of those wishing to participate in the Egyptian procurement tenders.
On the US stock exchanges quotes wheat for transactions in September fell:
- to 4.78 $/tonne to 136,13 $/tones of soft wheat SRW in Chicago
- by 4.87 $/tonne to 137,51 $/tone for hard wheat HRW in Kansas city
- 1.56 $/tonne to 179,40 $/tone for hard spring wheat HRS in Minneapolis.
After the Egyptian innovations of the chances for French wheat to regain some of the export grain market is almost gone.
Therefore, MATIF milling wheat according to the agreements of September fell to EUR 4.50/ton to 154.00 EUR/tone or 172,13 $/ton.