Recent international tenders indicate stabilization of wheat prices
According to Reuters, the Tunisian Grain Agency (ODC) held a tender on March 31 to purchase 100,000 tons of soft wheat of any origin, in which 13 companies participated with bid prices ranging from $274.73 to $295.5/ton.
The following lots were purchased at the tender:
- 50 thousand tons from Cargill at a price of $274.74/ton C&F,
- 25 thousand tons at Buildcom at $274.73/ton C&F,
- 25 thousand tons in Casillo at $275.49/ton C&F.
Recall that on March 6, the ODC agency purchased 100 thousand tons of soft wheat of any origin at a tender with delivery from April 1 to May 20 at an average price of $273.2/ton C&F (including freight) in the following batches:
- 25 thousand tons from Buildcom at a price of $271.69/ton C&F,
- 25 thousand tons at Cereal Crops – $274.68/ton C&F,
- 25 thousand tons at Cofco – $272.01/ton C&F,
- 25 thousand tons from Finagrit – $274.57/ton C&F.
On March 31, the Ministry of Industry and Trade of Jordan held a tender for the purchase of 120,000 tons of milling wheat of any origin, at which it purchased 60,000 tons of wheat from Cargill for delivery on July 16-31 at a price of $275.95/ton C&F.
Wheat was also offered at the tender by CHS ($279.95/t C&F), Buildcom ($282.73/t C&F), Bunge ($284.4/t C&F), Ameropa ($286.23/t C&F), and Cofco ($286/t C&F).
Recall that at an international tender on March 17, Jordan purchased 60,000 tons of milling wheat of any origin from CHS for delivery in the first half of June at a price of $277.50/ton C&F.
Despite the protracted war in Iran, markets have not yet shown a speculative increase in demand and prices due to the significant supply of both old and new wheat crops.
This means that Ukrainian wheat does not yet have additional demand, and large stocks in Ukraine and the EU will continue to put pressure on prices.
