Algeria confirms the dominance of Black Sea wheat

In brief: • The country made a purchase of 600,000 tons, part of it being Bulgarian • Turkey prefers Black Sea grain purchases The stabilization of the euro against the dollar, which yesterday again tested the threshold of 1.1600, is a favorable factor for the European market. Although this level allows the price distance to be shortened compared to the Black Sea origin, for now, the prices there remain the most attractive. Evidence of this is the recently concluded tender of Algeria. Late on Thursday morning, European traders reported that Algeria's state grain agency OAIC had purchased around 600,000 tons of bread wheat in an international tender that concluded shortly before. This is at the upper end of purchase expectations ranging from 500,000 to 600,000 tons. On Thursday morning, preliminary estimates were around 580,000 tons, but most traders estimated the purchase at 600,000 tons. Market participants confirmed that the entire purchase was made at a price of $258.50 ...