Love Me Tender
Everybody's bezzie mate Nomani Nomani is back in the market again today, with GASC tendering for at least one cargo of soft wheat for October delivery. The fact that it's soft wheat they are looking for opens up the door for French origin to win again this time round, having been excluded from last week's Egyptian hard wheat tender.
Algeria are also in the market looking for "at least" 50,000 MT of optional origin milling wheat, with Jordan tendering for 100,000 MT each of wheat and barley. Not wanting to be left behind reports suggest that Morocco too could also be in the market for 1.2 MMT of soft wheat for shipment by the end of the year. Algeria and Morocco have both had poor harvests this year.
As you can see there's no shortage of interest at current levels, which is making it increasingly difficult to envisage prices falling back too much until we are much closer to next season's harvest.
Algeria are also in the market looking for "at least" 50,000 MT of optional origin milling wheat, with Jordan tendering for 100,000 MT each of wheat and barley. Not wanting to be left behind reports suggest that Morocco too could also be in the market for 1.2 MMT of soft wheat for shipment by the end of the year. Algeria and Morocco have both had poor harvests this year.
As you can see there's no shortage of interest at current levels, which is making it increasingly difficult to envisage prices falling back too much until we are much closer to next season's harvest.