Wheat maintains a bullish pulse in the global market

Wheat

Romania

China

Published Mar 22, 2024

Tridge summary

Wheat futures are showing a bullish trend following a purchase by Egypt's GASC, despite a high supply indicated by over 2 Mt being offered. Russian wheat prices are on the rise due to increased demand and competitiveness. Corn prices are also increasing as the market awaits US sowing data and keeps an eye on weather conditions in Brazil and China's purchases from Ukraine. The EU is considering renewing autonomous trade measures with Ukraine, potentially suspending tariffs on Ukrainian imports until June 5, 2025.

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Original content

Wheat maintains a bullish pulse in the futures, since they have seen last Wednesday's purchase by the GASC, the Egyptian raw materials authority, as positive. 110,000 kg of wheat were purchased, of which 50,000 kg were Bulgarian wheat at $234.50/t fob with a freight of $16.75/t and 60,000 kg from Romania at $234.50/t fob with a freight of 20 $.78/t (in both cases with payment within 270 days). Although Egypt only bought 110,000 kg, more than 2 Mt were offered in this tender, from which Russia was left out. It seems that there is a lot of wheat and a great desire to sell according to the estimates of Toño Catón, Director of Herbaceous Crops of Agri-Food Cooperatives. Every day the gaze towards the new harvest grows heavier. Last week, prices for Russian wheat with 12.5% protein increased by $2 to $201-204/t FOB, according to SovEcon's estimate. Since the beginning of January, Russian wheat prices had continued to decline, losing $44. Prices rose thanks to the recovery of Russian ...

Source: Agrodigital