Algeria buys milling wheat in tender, traders say
The tonnage bought was initially unclear. But trader estimates on Tuesday evening were of a large purchase of about 600,000 tons.
Algeria’s purchases are optional origin, but the Black Sea region including Russia was seen as the likely origin of the initial purchases.
The wheat is sought for shipment in two periods from the main supply regions including Europe: June 1-15 and June 16-30. If sourced from South America or Australia, shipment is one month earlier.
Algeria is a vital customer for wheat from the European Union, especially France, but Russian exporters have been expanding strongly in the Algerian market. Reports reflect assessments from traders, and further estimates of prices and volumes are still possible later.
In its last wheat tender reported on Jan. 17, Algeria bought about 900,000 tons mostly at about $265.50 a ton c&f. European wheat futures hit 3-1/2-year lows on Tuesday largely on pressure from falling prices for wheat from Russia and other Black Sea exporters. GRA/EU
Source Link: https://www.nasdaq.com/articles/algeria-buys-milling-wheat-in-tender-traders-say
