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Thursday, 17 August 2017

Wheat prices dropping internationally spark interest of Egyptian buyers

The wheat market has turned bearish as the prospect of another season of ample supply has sent prices plunging with “bigger-than-expected harvests in Russia and neighboring nations,” according to Bloomberg. “Money is flowing out of all the commodity markets … The spring wheat production number didn’t come down nearly as much as the bulls in the market would’ve liked,” said Joe Vaclavik, president of Standard Grain. This drop in international prices could be sparking interest of global buyers, including Egypt — the world’s largest importer. Tunisia, Philippines, Thailand, and Iraq are also said to be interested in issuing tenders to buy wheat. Egypt’s General Authority for Supply Commodities already contracted 355k tonnes of wheat from Russia and Ukraine yesterday that are scheduled for a 20-30 September delivery, Al Shorouk reports. The tender was issued on Tuesday.

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