EU wheat flat, market awaits Egypt tender results

05.10.2016

European wheat prices were unchanged to slightly higher on Tuesday, helped by a weaker euro against the dollar and the lack of offer on the cash market but activity was thin as traders awaited the results of Egypt's wheat tender.

December milling wheat on Paris-based Euronext, unofficially closed stable at 160.00 euros a tonne.

CME Group's December EU wheat contract rose 0.6 percent to 164.00 euros a tonne.

The rise on CME's European futures, which offers inland delivery points, reflected a lack of offer on the cash market, traders said.

Operators were also awaiting the results of Egypt's tender to buy wheat for November 1-10 shipment. The General Authority for Supply Commodities (GASC) received nine offers from seven companies at its tender, traders said.

The tender is the second since Egypt lifted a controversial ban on the common grains fungus ergot in shipments that had all but blocked its access to global grains.

Premiums were lower than at the previous tender, down to about $5-$7 from at least $10 at GASC's purchase last month, traders said.


zawya

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