Egypt's current account gap narrows, but overall BoP records deficit    Egypt's PM reviews debt reduction strategy, eyes more private investment    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt, India discuss expanding industrial, investment partnerships    World Bank proposes Egypt join new global health initiative    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Egypt welcomes 25-nation statement urging end to Gaza war    Egypt, Senegal sign pharma MoU to unify regulatory standards    Egyptian pound ticks down in early Tuesday trading    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt foils terrorist plot, kills two militants linked to Hasm group    Egypt, Somalia discuss closer environmental cooperation    Egypt exports 175K tons of food in one week    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



European wheat firm with U.S., Egypt tender eyed
Published in Almasry Alyoum on 13 - 12 - 2011

PARIS — European wheat futures rose as U.S. grains and wider markets steadied after day-earlier losses, with European wheat also finding support from a weak euro.
Operators were watching for the results of a latest wheat import tender by Egypt, the world's largest importer.
Attention will be on whether Argentine wheat can win another sale after claiming the bulk of the previous purchase by Egypt's state buyer and whether a recent slide in the euro can help bring French wheat into the frame, traders said.
"Egypt is not an easy destination for us. Even with the euro where it is, French wheat is going to have to be sold at a discount to compete with other origins," a French exporter said.
The euro hit a two-month low against the dollar before steadying as investors remained nervous about the prospect of mass euro-zone sovereign downgrades by credit rating agencies after a European Union summit last week failed to convince markets.
"We're benefitting in competitiveness, but this masks the fact that the euro is falling because investors do not have confidence in the currency and that's much more serious," a cash broker said.
On the Paris-based futures market, March milling wheat was up 2 euros, or 1.14 percent, at 177.25 euros a ton by 12:58 GMT.
The market was also being supported by technical adjustments ahead of a Thursday deadline for exercising options on front-month January contracts, traders said.
Grains drew some support from a steadying in financial markets after sharp losses on Monday.
The market also remained capped by rising global grain supply as illustrated by last Friday's estimates from the U.S. Department of Agriculture.
Morgan Stanley lowered its price forecasts for corn, wheat and soybeans due to higher global supply but still saw upside potential in view of relatively low U.S. stocks, especially in corn and soybeans.
GERMANY
In Germany, prices were little changed with lack of farmer selling meeting a lack of purchase interest.
Standard new crop bread-quality wheat for January delivery in Hamburg was quoted around 190-191 euros a ton. Buyers and sellers were increasingly far apart in price ideas, making prices difficult to assess, traders said.
Hamburg selling prices remained around 10 euros above Paris futures as farmers retained produce in the belief 2012 supplies will be tight after Germany's disappointing 2011 wheat harvest.
"Farmers and other sellers are extremely reluctant to deal at current prices, which are low in outright terms despite the premium over Paris," one trader said. "There was a 6 euro spread between some buyers and sellers today, which is too big to bridge with negotiations."
"The export outlook is still pretty black despite the very welcome weakness of the euro as Argentina is the latest cheap origin to flood the world market. This poor export outlook is encouraging consumers to hold off in the hope of further price falls."
Another trader added: "Argentina has just won business from Yemen, which is another example of the sudden inroads being made by Argentina in Middle Eastern export markets."
The return of water levels on the Rhine and Danube rivers was making transport easier after vessels had been sailing only partly loaded since early November, and traders were organising shipments of delayed loads.
"The return of the Danube to normal levels will permit more Hungarian maize to be sold to west Europe, but the first shipments may have to wait until after the Christmas and New Year break to be moved," the second trader said.


Clic here to read the story from its source.