IKAR in Mass and Industry Media

Wheat dips as Egypt purchases shipments from Russia, Romania

Globaltimes.cn

US wheat futures edged lower on Wednesday after rising marginally in the last session, with Egypt, the world's largest importer, buying wheat from Russia and Romania.

Soybeans eased for a second session as supplies from a freshly harvested record US crop hit the market, although losses were limited by strong Chinese demand.

The Chicago Board of Trade most-active wheat contract slid 0.1 percent to $4.03-3/4 a bushel, while soybeans lost 0.1 percent to $9.89-3/4 a bushel. Corn was unchanged at $3.49-1/4 a bushel.

Egypt's state grain buyer GASC said that it had bought 420,000 tons of wheat in a tender. Of the total, GASC purchased 180,000 tons of Russian wheat and 240,000 tons of Romanian grain.

Egypt has bought most of the wheat that it needs from Russia in recent weeks. Russia's IKAR agriculture consultancy said that it had cut its forecast for Russia's 2016/2017 grain exports by 600,000 tons to 39.4 million tons.

All-time high US soybean production is anchoring the soybean market. This is the fourth straight year of global soybean production hitting record highs.

Brazil is muscling in on the peak season for US soybean sales to China, the world's biggest buyer, as major producers vie to slim down bulging stockpiles.

http://www.globaltimes.cn/content/1013904.shtml

27.10.16

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