29.
09.23
08:53

Egypt is shopping in Europe

On Thursday, wheat fell on Euronext/Matif. The front month of December lost 1.50 euros/t to 239.50 euros/t due to high sales. In particular, the negative information from overseas weighed on the wheat price, but profit-taking after the increase in the last few days also triggered the correction. Europe's exporters are increasingly able to compete with Russia for deliveries with cheap offers. Egypt's state purchasing agency announced yesterday that it had purchased 170,000 tons of wheat from Romania and Bulgaria. At $260 fob, Russia's offers were higher than those from these two countries. US prices continue to be under pressure from competition on the global market. In the weekly export report, wheat exports increased to 544,5000 tons, more than two thirds higher than a week ago. Nevertheless, exports so far remain behind the previous year's values. For today's USDA quarterly report on inventories, the majority of market participants are expecting a decline in volumes. The average estimate is a decrease of around 6 million bushels compared to the previous year. Little changes on the cash markets here.There are more and more Swiss buyers in the south of Germany looking for feed wheat with high hectoliter weights. There is currently a high demand for oats in the south. Both recording traders and horse owners are active here. The latter are willing to pay higher prices. Prices on the CBoT are trending higher in the premarket today.

Source
VR AGRICULTURE
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