- The wheat market found a touch of support from Egypt’s further foray into the wheat tender market, which resulted in yet another deal for Ukraine and Romanian suppliers, each awarded 60,00 mt. Russian offers came close, but not quite close enough and French offers on an FOB basis looked competitive, but missed out on higher freight costs making the final C&F offer too high.
- In Paris, wheat prices fell to new contract lows, once again, not helped by a stronger Euro, and news of improved yield and quality in the northward moving harvest added to the lack of price support. Indeed, protein levels are reported to be improving as the harvest progresses and fears of a dearth of quality wheat is beginning to recede.
- In the US little in the way of fresh weather news has left markets without directional impetus and consequently the decline has continued without much conviction.