Traders are watching a tender in Egypt and waited for the winning European or American wheat after a sharp rise in price of Russian wheat.
the Egyptian State company GASC yesterday at the next auction bought 360 KMT of French and Romanian wheat for delivery 11-20 may at an average price 262,8 $/t C&F, by $2/t cheaper than at the previous tender in January.
Improved payment terms supplied of wheat by Egypt has increased the number of offers of grain from the world traders what analysts predicted a decline in the price of 5-6 $/t
All interested, lower the price of offers of Russian wheat, which is past the tender is offered at a price higher than the European one.
To tender applications were submitted for sale :
five batches of wheat from Rumania at a price 249,89-259,90 $/t FOB,
two batches of wheat of French origin for the price of 247,98 and 249,74 $/t FOB,
the two parties of American SRW wheat at a price of 243 $/t FOB, HRW wheat at a price of 249 $/t FOB.
three batches of wheat of Russian production at a price of 255-260 USD/t FOB,
the Price proposed by Russian wheat on FOB basis was the highest, and given the shipping cost was $ 266,5 $/t C&F.
However, GASC, as in the previous tender, bought the cheapest of the suggested amounts, namely:
180 thousand tons of Romanian wheat, in particular:
60 kt in the company of COFCO at a price 250,76 $/t FOB at a cost of sea freight of 11.45 $/t = 262,21 $/t C&F
60 thousand tonnes from CARGILL at a price of 252 $/t FOB at a cost of sea freight 10,50 $/t = 262,50 $/t C&F
60 kt from the company ADM for price 249,89 $/t FOB at a cost of sea freight of 11.45 $/t = 261,34 $/t C&F
and 180 thousand tons of French wheat, in particular:
60 thousand tonnes from GLENCORE at a price 247,80 $/t FOB at a cost of sea freight is 15.0 $/t = 262,80 $/t C&F.
60 kt from the company SOUFFLET at a price of 247,80 $/t FOB at a cost of sea freight 15,00 $/t = 262,80 $/t C&F.
60 thousand from the company GLENCORE at a price 247,80 $/t FOB at a cost of sea freight 17,15 $/t = 264,95 $/t C&F
the results of the tender became the signal for the market that the Russian wheat reached a price high, and now increased sales will need to reduce prices. While European and American traders will increasingly sell the grain, because they have significant unsold volumes, so the fight for customers in the short term worsen.
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