Algeria starts buying milling wheat in tender, traders state
Algeria’s OAIC, the state grains firm, has initiated purchases of soft wheat in a global tender recently closed, according to European traders. Initial acquisitions were reported at $279 per metric ton c&f. Although the exact tonnage remains unclear, negotiations are ongoing for larger volumes at around $285 c&f. Delivery for the wheat, primarily from Europe, is slated for August 2024, with earlier delivery from South America or Australia.
Algeria’s state grains firm OAIC has beginning purchasing soft grating wheat in an global tender which closed on Tuesday, European traders stated.
Initial purchases reported were around $279 a metric heap cost and freight (c&& f) consisted of, they said.
The tonnage purchased was at first unclear but believed to be relatively small. Negotiations were said to be continuing at around the $285 c&& f level for larger volumes, traders stated.
The wheat is sought for delivery in 2024 in two periods from the primary supply regions including Europe: Aug. 1-15 and Aug. 16-31. If sourced from South America or Australia, delivery is one month previously.
Reports reflect assessments from traders and further price quotes of prices and volumes are still possible later.
Algeria is an important customer for wheat from the European Union, particularly France, but Russian exporters have been broadening highly in the Algerian market.
In its previous massive soft wheat purchase reported on May 3, Algeria bought in between 240,000 and 300,000 lots of crushing wheat at around $249 a load c&& f.
Ever since, costs struck 10-month highs on concerns about weather damage to the harvest in leading exporter Russia.
Source Link: https://www.marinelink.com/blogs/blog/algeria-starts-buying-milling-wheat-in-tender-traders-state-100929
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