Wheat futures fall amid competitive bids in Egypt's benchmark tender
Date
8/13/2024 7:36:11 AM
(MENAFN) Wheat futures on the Chicago Board of Trade experienced a decline due to competitive bids for Egypt's largest-ever wheat tender, which highlighted the competitiveness of wheat from Black Sea ports. The most actively traded soft red winter wheat futures for September delivery dropped by 5 3/4 cents to USD5.36 3/4 per bushel. Similarly, Kansas City hard red winter wheat futures for September delivery also fell by 5 3/4 cents to USD5.48 1/4 per bushel. In contrast, Minneapolis Grain Exchange's spring wheat for September delivery saw a modest increase, rising by 2 1/2 cents to USD5.92 1/4 per bushel.
Analysts anticipate that the U.S. Department of Agriculture (USDA) will report that 74 percent of U.S. spring wheat is in good to excellent condition. They also expect that data from the Ministry of Agriculture will reveal that 17 percent of the spring wheat crop and 93 percent of the winter wheat crop have been harvested. The current market conditions reflect heightened competition, as about 15 suppliers participated in Egypt's record-breaking tender, with Ukrainian wheat emerging as the most cost-effective option before considering freight costs.
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