Against the background of falling prices for wheat Egypt has announced a tender
Wednesday wheat futures in the US fell to two-week low under pressure from the fall of the neighboring corn market and increased export of wheat from Argentina.
Despite the decrease of the forecast of gross harvest of Argentine wheat to 16.5 million tonnes against last year's 17 million tons, sales of grain amounted to 4.5 million tonnes, which is almost twice higher than in the same period of the previous season.
Traders sell wheat, because they do not see in the short term the possibility of reducing the volume of offers of grain on the world market.
Weekly exports of U.S. wheat amounted to 301 thousand tons, which corresponds to expectations of experts.
the December futures for U.S. wheat decreased
3.77 $/t to 153,49 $/t for hard wheat HRW in Kansas city,
1.56 $/t to 229.55 $/t for hard spring wheat HRS in Minneapolis.
- by 2.94 $/t to 154,32 $/ton, soft wheat SRW in Chicago
amid renewed ban on the import of wheat, which contains the horns, the Egyptian state operator GASC announced today the holding of the tender for purchase a minimum of 55-60 thousand tons of soft milling wheat with delivery in early January 2018
Ministry of agriculture of Egypt declares that, until further notice from the government will work according to international standards. However, the increase in risk for exporters refusal to accept wheat can lead to reduction in the number of applications and the increase in the price relative to previous trades.