Tender in Egypt will determine the trend of price of wheat
To tender 08.11.17 Egyptian operator GASC plans to purchase a minimum of 55-60 thousand tons of soft milling wheat with delivery 15 to 30 December 2017
GASC hopes to increase the number of proposals after the publication of the government of Egypt in early November, guidelines for phytosanitary inspectors in the ports of the country, where the requirements to the quality of imported wheat and the procedure of its acceptance or refusal of acceptance. Strengthening the disciplinary requirements of the Quarantine service shall, in the opinion GASC, be of interest to traders and allow them to reduce the risk premiums associated with the supply of wheat to Egypt, through that purchase price should be reduced.
the Market in Chicago on Wednesday was under the influence of news on the improvement of the condition of crops of winter wheat and the dollar continued to strengthen.
December futures U.S. wheat fell:
1.29 $/t to 156,71 $/t for hard wheat HRW in Kansas city.
- 1.29 $/t to 156.98 $/ton, soft wheat SRW in Chicago
Rose by 3.67 $/ton to 233,23 $/t hard spring wheat HRS in Minneapolis.
French wheat on Wednesday followed the Chicago. But the weakening of the Euro limited the fall.
Traders do not hope for too much positive results of the Algeria tender, since there are rumors that he aimed at the purchase, first of all, Argentine wheat.
- December futures milling wheat on MATIF fell by €1/t to 161,75 €/t (187,17 $/t).