Ramifications of ergot flip-flop: “The market is bemused as to where Egypt expects to find [mns] of tonnes of ergot-free wheat … The market though has lots of wheat with traces of ergot that it might have sold to Egypt,” Tobin Gorey, director of agricultural strategy at the Commonwealth Bank of Australia, told Reuters. US wheat prices dropped again yesterday for a sixth consecutive session, nearing three-week lows amid high global inventory levels and the notion that Egypt won’t be buying as much wheat. Private-sector importers seem to have foreseen the zero-tolerance policy, with Venus International Chairman Mohamed Abdel Fadil claiming he had signed a contract to import 30k tons of ergot-free wheat last Friday in anticipation of the new rule, Reuters reported. He expects importers who had already signed contracts before the new announcement to likely see their shipments rejected as inspectors only look at the date of shipment arrival. He advises importers to instead try and sell their shipments abroad.