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Grains and oilseeds: China seizes the day

March 8, 2024 at 7:29 AM , Der AUDITOR
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BRUSSELS. Panic has broken loose after China cancelled a large order for US wheat. Attractive prices have also prompted China to buy extraordinary volumes of corn in Ukraine. With farmers holding back Brazil will hardly be able to ship as much soy in March and the Red Sea crisis will prompt buyers in Europe to turn to Canda for canola.

Panic breaks loose over wheat

Panic broke loose after China cancelled an order over 130,000 mt of US wheat thereby prompting quotations to fall. Demand has, however, picked up again in the Maghreb countries and the Middle East. Egypt has announced a tender for delivery in May. Algeria’s Sate Food Procurement Agency (OAIS) purchased 870,000 mt of milling wheat on Wednesday for delivery in June at a price of USD 228/mt C&F, which is much cheaper than the USD 265.50/mt paid in the previous tender. Although Algeria normally buys wheat in France, imports from R

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