Egypt Buys US/Australian Wheat

08/01/11 -- Egypt, the world's largest wheat buyer, announced that it bought 175,000 MT of soft wheat for March shipment over the weekend.

Despite a freight advantage French wheat was outpriced by two 60,000 MT cargoes of Australian wheat sold by Cargill at USD313/tonne and USD317/tonne. The bent as a nine-bob note North African's also booked 55,000 MT of US wheat at a cent under USD317/tonne.

French wheat was priced around USD335-340/tonne.

The EU market may react with mild disappointment to the news when it re-opens on Monday. However EU wheat doesn't really need to compete at the moment, given the pace of export during the first half of the marketing year.

In addition, smaller consignments of EU wheat will continue to find homes amongst other North African buyers in 2011.