Participation in the Egyptian tender allowed U.S. wheat to rise slightly
the Egyptian State Agency for the purchase of products GASC on October 25 held a tender which became the largest since the beginning of this season a single volume of soft milling wheat in the amount of 420 thousand tons for delivery from 1 to 10 December.
agreements were concluded for the supply of 240 thousand tons of Romanian origin wheat at an average price of 192,62 $/t C&F and 180 thousand tons of Russian wheat at an average price of 193,41 $/t C&F.
American traders watched carefully the course of trading as Cargill placed an order to sell 55 thousand tons of SRW wheat. Given that previous tender bid for the sale of hard wheat HRW does not even take into consideration current participation in the auction has become a very important sign. Moreover, the traders acted on the Olympic principle – the main thing not victory, and participation. In their opinion, it is indicative of the fact of participation in the tender, in addition to the FOB SRW wheat was fairly competitive: the price is 185 $/t was 2.26 $/t more expensive than the cheapest offer, but for 4,5 $/ton cheaper for the most expensive application.
the cost of the December futures, American and European wheat had the following dynamics:
- 0.64 $/ton to 148,53 $/ton increased soft wheat SRW in Chicago
- 0.37 $/tonne to 151,93 $/ton rose hard wheat HRW in Kansas city
- 0.28 $/tonne to 192,53 $/ton fell hard spring wheat HRS in Minneapolis,
- wheat with protein 11.5% at the Paris MATIF rose by 0.75 euros/ton to 162,75 € /t or 177,17 $/ton.
