Wheat Highlights May 29, 2015 May 29, 2015
- May 28 - Egypt's GASC bought 240,000 MT of Russian, Romanian wheat for July 1-10 delivery:
- 60 TMT of Romanian wheat from Nidera at 199.2 $/t c&f (191.0 $/t fob + 8.2 $/t freight)
- 120 (2x60) TMT of Russian wheat from Union Co. at 199.22 $/t c&f (190.72 $/t fob + 8.5 $/t freight)
- 60 TMT of Russian wheat from Vitol at 199.5 $/t c&f (191.0 $/t fob + 8.5 $/t freight)
GASC has bought 4.815 MMT (2.04 MMT from France, 1.2 MMT from Romania, 1.065 MMT from Russia, 345 TMT from US and 165 TMT from Ukraine) of wheat on the international market since July 1, the start of the 2014/15.
Apart from purchases on the international market, Egypt is also in the middle of its local wheat procurement season. The North African country has purchased more than 4.5 MMT of Egyptian wheat since mid-April from its farmers, surpassing a 3.7 MMT target.
After this latest tender, Egypt's strategic wheat reserves will last until Nov 20
- May 21 – Algeria (OAIC) ended up buying 540,000 MT of wheat on their tender last week, 90,000 MT more than originally estimated
- IGC raised its forecast for the 2015/16 global wheat crop to 715 MMT, from 705 MMT previously but below last season's 721 MMT, due to more optimistic view for China, Russia, EU and Ukraine. IGC lowered its forecast for global stocks at the end of the season by 6 MMT to 200 MMT, now unchanged from 2014/15
- EU in week ended May 22 awarded licences to import 11,667 MT of Ukrainian wheat under an annual duty-free quota. The award meant that the EU had now awarded above 452,262 MT out of a total volume of 950,000 MT available in 2015
- EU in week ended May 26 granted licences to export 228,000 tons of soft wheat, bringing the total this season to 29.314 MMT vs. 26.444 MMT a year ago
- FranceAgriMer, in a weekly update, rated 91% of soft wheat good or excellent as of May 25, unchanged from a week earlier but above 75% a year ago