Thursday, 12 November 2015 00:53
LONDON: European wheat futures edged up on Wednesday as dealers waited to see if France would win any business in an Egyptian tender with results expected later in the day.
The lowest offer in Egyptian state buyer GASC’s wheat purchase tender which closed on Wednesday was for French wheat, traders said.
Egypt had bought wheat from Russia and Ukraine at a tender on Tuesday, rejecting offers of French supplies.
Benchmark December on Paris-based Euronext milling wheat futures settled 0.75 euros or 0.4 percent higher at 181.50 euros a tonne. The contract had slumped to a one-week low of 180.50 euros on Tuesday.
Dealers said EU wheat supplies remained ample with the U.S. Department of Agriculture, in a monthly report issued late Tuesday, raising its forecast for the trading bloc’s wheat production by 2 million tonnes to 157.3 million.
November feed wheat futures in London ended 0.30 pounds lower at 113.00 pounds a tonne, weighed by a rise in the value of the sterling against the euro.
Britain signed a trade deal with China which could lead to the export of around 750,000 tonnes of barley over the next five years.
Analyst Millie Askew of Britain’s Agriculture and Horticulture Development Board (AHDB) said barley had become increasingly important in UK arable rotations.
“This makes (barley) exports strategically important, with access to China a key part of this,” analyst Millie Askew of Britain’s Agriculture and Horticulture Development Board said.
Britain exported 1.49 million tonnes of barley in 2014/15 (July/June) with key customers including Spain (251,489 tonnes), Saudi Arabia (211,615), Algeria (163,557), the Netherlands (153,839) and Japan (131,076 tonnes), customs figures showed.
