Weaker euro restores French wheat competitiveness on key Egyptian market

UkrAgroConsult

A weaker euro has once again made French wheat competitive on the key import market of Egypt, European traders said, noting that currency movements are currently playing a major role in price competition among major exporters.

“Markets are largely driven by exchange rates at the moment, and the softer euro is again making French wheat competitive in Egyptian tenders,” a German trader said.

Russian, French and Ukrainian wheat with 11.5% protein for March–April shipment was quoted around $249–250 per metric ton c&f, traders said, while Romanian wheat was offered about $3 per ton higher.

Buyers in North and West Africa showed some demand this week, but German wheat sales remained difficult due to lower prices from Argentine and Black Sea suppliers, as well as limited farmer selling, traders added.

In Morocco, the European Union’s largest wheat export market, demand prospects remained uncertain as heavy rains boosted crop expectations but also delayed the unloading of recently purchased cargoes.

In France, traders were also monitoring persistent rainfall that has caused flooding in some western regions, although risks to the wheat crop are still considered limited. Wheat prices were additionally supported by geopolitical factors, including stalled peace talks between Russia and Ukraine and tensions between Iran and the United States.

More detailed information on the latest trends in grain exports, supply and demand balances with breakdown by crop, price behavior, crop conditions and progress in harvesting/planting in the countries of Black Sea Region is available to subscribers for Online Analytics “Black Sea & Danube Grain Market” in the new innovative tool for agri market participants – AgriSupp by UkrAgroConsult. Subscribe to a 7-day free trial!

Start using analytical data and increase your efficiency now!

Register to get your demo access: http://agrisupp.com/en/register/1

Tags: wheat, Germany, Morocco, Egypt, prices, France