On August 30, the Egyptian GASC held the third tender for the purchase of wheat in a month, in which European wheat competed strongly with Russian wheat, and confidently won reports Graintrade
The authorities of the Russian Federation do not confirm the establishment of the minimum selling price for wheat on the world market for exporters, but in the new tender, as in the previous one, all batches of Russian wheat were offered at a price of $270/t FOB. The ban on Russian traders lowering wheat prices allowed European exporters to increase sales, so Russia’s attempt to warm up world wheat prices failed.
The number of submitted bids compared to the August 22 tender increased sharply from 32 to 45 , especially French and Romanian wheat, while prices fell from $263.77-$280/t FOB to $259.42 -271 $/t FOB (262-305 $/t FOB at tender 08/08/23).
The number of offers for French wheat increased sharply, and the price of $259.42/t FOB was the lowest offered compared to the price of Russian wheat at $270/t FOB.
As a result, GASC purchased 240,000 tons of European wheat, including 120,000 tons of French wheat for October 5-20 delivery at $279.49/t C&F and 120,000 Romanian wheat for October 25-November 10 delivery at $275.75 /ton of C&F.
World wheat prices will continue to fall in the near term under pressure from increased supply of the new crop and weak demand from buyers.