Wheat importers seize opportunities
Low demand has weighed on wheat and Egypt seized the opportunity to buy 420,000 mt mainly in Russia after withdrawing the last tender. At USD 265/mt prices, however, ranged on a similar level as in December and with quotations as high as EUR 272/mt suppliers in France were unable to compete. According to Rusagrotrans Russia exported a record 36 million mt of grains in the first half of the season including 27 million mt of wheat. With stocks becoming more limited expectation is that prices will slowly start to rise here.