Egypt Spreads Wheat Business Around

Posted by Nogger - a legend in his own mind at 13:22 | Categorized as

20/12/16 -- EU grains closed mixed in quiet pre-holiday trade.

The day ended with Jan 17 London wheat up GBP0.95/tonne at GBP137.10/tonne, Mar 17 Paris wheat was unchanged at EUR167.75/tonne, Jan 17 Paris corn was up EUR0.75/tonne to EUR165.75/tonne and Feb 17 Paris rapeseed fell EUR1.75/tonne to EUR413.50/tonne.

Highlight of the day was the result of the latest Egyptian wheat tender, which saw them spread the business around between Argentina, Romania and Russia,

The latter won the lion's share of the 360,000 MT order, picking up 3 cargoes (180 TMT) worth, followed by 2 cargoes of Argentine wheat (120 TMT) and one (60 TMT) of Romanian origin.

It is interesting to see Argentina, mid-wheat harvest, competing into Egypt despite a significant freight disadvantage.

In other tender news, Jordan cancelled and immediately re-tendered for 25,000 MT of optional origin hard wheat.

Rapeseed prices were lower in line with a reversal in Chicago soybeans following rain in Argentina.

There's some trade concern developing over sub-zero temperatures and a lack of snow cover in the Black Sea area.