The courses of the CBoT wheat recovered appreciably to the yesterday's close of trading and also this morning this positive trend are expanding further. That is explained by profit-taking, which violently fell out after the 10-year low for the holders of short positions.
Prices well below the four-dollar mark used by the mills with wheat to cover themselves, although again withdrew advertised tender Egypt of the day before yesterday.
It was the first tender after the Egyptian Ministry of agriculture returned to the "0 tolerance policy" in terms of ergot stocking. Traders are unwilling to take the risk of complaints and there was only an offer at a price that was 6 to 7 USD/to above the market price. You can hardly get ergot outdoor in the desired quantities wheat and Egypt must decide now whether you can find a compromise. Tunisia, a similarly big wheat buyers, currently benefits from the low wheat prices in world market.
Yesterday, exporters could sell 138,000 metric tons of U.S. wheat (HRW) to an unknown address.
