Egypt expands storage capacity

Yesterday the signs for wheat on Euronext/Matif shone dark red. For the month of March 2024 it went south by a significant 4.50 euros to 213.75 euros/t. The losses in subsequent contracts were sometimes even greater in absolute terms. The following May contract closed at 215.00 euros/t with a daily decline of 5.25 euros/t. Overall, the agricultural markets fell yesterday. China announced that it would also allow wheat from Argentina in the future. This means that competition is increasing for both the USA and Europe on the international grain market. The euro also remains strong, making it more difficult for local exporters to compete. As the government in Egypt announced, the country will build additional grain silos and invest $140 million by the end of this year. The storage capacity will increase to 4.6 million tonnes with the six planned large silos. Wheat prices were also under pressure on the CBoT. The export shipments reported in recent weeks were disappointing and, at 265,000 tonnes, were below the already weak previous week's figure of 315,000 tonnes. Season-to-date, wheat exports in the United States are lagging at a total of $10.9 million. tons well behind last year's value at this time. At that time, 13.2 million tons had already been effectively shipped by the end of January. This Tuesday morning there are again losses for wheat in pre-market trading on the CBoT.

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