A tender in Egypt and topple the USDA report, wheat prices

2020-02-12 12:08:44
Machine translation
A tender in Egypt and topple the USDA report, wheat prices

Yesterday, wheat markets came under pressure the outcome of tenders in Egypt and Algeria, and the USDA report, which confirmed an excess global supply of wheat in the current season. The volume of offers of wheat on the tender in Egypt exceeded 1 million tons, which resulted in a reduction of the purchase price.

 

the Experts at the USDA almost changed the world balance of wheat in comparison with the assessments of January, leaving unchanged the assessment opening and closing stocks, production and consumption, although slightly increased the forecast of world trade.

 

the Forecast for world imports of wheat increased by 1.9 million tons due to the increase of Chinese imports by 0.8 million tons to 4 million tons and the countries of South-East Asia by 0.2 million tonnes to 27 million tonnes.

 

Assessment of world exports increased by 1.75 million tonnes to 182,82 MMT due to increased forecast for the United States by 0.68 million tonnes to 27,22 million tonnes, the EU – by 1 million tons to 32 million tons, Kazakhstan – 0.8 million tons to 6 million tons on the exports of Canada, by 0.5 million tons to 23.5 million tonnes.

 

Ukraine and Russia balances on wheat compared to the January estimates have not changed.

 

Egyptian GASC tender yesterday purchased a 360 cu. MT of Romanian and Russian wheat for March 21-31 price 227,75 $/t FOB or 239,43 $/t CFR, which is on FOB basis at 3.5 $/t CFR and 6.5 $/t lower than at the previous tender two weeks ago.

 

the Algerian OAIC purchased in the tender 680 thousand tonnes of food mainly French wheat for delivery in April at a price 237,50-238 $/t CFR.

 

Jordan purchased 60 tons of wheat with protein 11% and August delivery at a price of 224 $/t CFR Aqaba. This suggests that the wheat of the new harvest by 10-15 $/t cheaper than old.

 

the

  • March futures for milling wheat on MATIF fell by 2.25 €/t to 192,5 €/t or 210,12 $/t

 

After the publication of the USDA report and the results of tenders traders in the United States began to actively sell the wheat, which led to lower prices.

 

March wheat futures in the U.S. fell:

the

1.56 $/t to 172,05 $/t for solid winter HRW wheat in Kansas city

0.92 $/t to 195,20 $/t on a firm spring HRS wheat in Minneapolis.

  • by 3.67 $/ton to 199,15 $/t for SRW soft winter-wheat in Chicago