Egypt bought 100 thou. t of tendered Ukrainian wheat

Egypt bought 295 thou. t of Black Sea wheat. Ukraine sold 115 thou. t and Russia 180 thou. t at prices inside a range of 220.42 to 222.61 $/t CIF, Agritel informs.

During the France Export Céréales meeting in Casablanca, it has been confirmed that Morocco should buy 3.8 mln t of wheat during this marketing year, consequence of a poor harvest this season estimated at 2.68 mln t.

"France remains a special partner on this destination, its last year’s share of market was exceeding 50%. The beginning of the wheat export campaign in France is rather disappointing so far with only 2.7 mln t shipped during July and August, including 1.4 mln t out of Europe. The business should pick up on the September/October period," the message reads.

Wheat prices progressed significantly yesterday both on physical and futures. The December delivery is testing the resistance area of 178 €/t before the USDA report of this Thursday. This publication will provide or not the opportunity to breach this technical resistance according the figures displayed, the agency comments.

As a reminder, since the start of 2019/20, Ukraine has exported 14.47 mln t of staple crops. As of October 7th, commodities shipment increased 4.49 mln t (1.6x) from the prior year's comparative period.