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Markets

EU wheat firm, supported by Algeria tender and U.S. markets

  • Algeria launched a tender for optional origin milling wheat on Monday for shipment in two periods from the main supply countries, Feb. 1-15 and Feb. 16-28.
Published December 30, 2020

PARIS: European wheat rose on Tuesday, supported by Algeria's tender believed to be sourced in Europe and a rebound on U.S. markets, traders said.

Benchmark March milling wheat on Paris-based Euronext was up 0.5% to 212.00 euros ($259.70) a tonne by 1700 GMT.

Algeria launched a tender for optional origin milling wheat on Monday for shipment in two periods from the main supply countries, Feb. 1-15 and Feb. 16-28.

If sourced from South America, shipment is between Jan. 1-15 and Jan. 16-31.

"European wheat is likely to be the main origin again because it is more competitive than Black Sea and Argentine," a trader said.

In its last reported tender on Nov. 13, the OAIC is believed to have purchased about 600,000 tonnes of optional-origin milling wheat, with the EU seen as the main supplier.

In Poland, export optimism continued after large Polish export shipments in past months.

"The big exporters are the main active buyers of wheat during the quiet Christmas period," one Polish trader said.

"Farmers have closed up shop along with small traders.Processors like feed and flour mills seem to be covered for their nearby supply needs, and are still facing problems with selling their products due to low demand, especially feed mills due to problems with low meat prices during the (anti-coronavirus) lockdown."

Polish export prices for 12.5% protein wheat rose 20 zloty a tonne in the past week to about 925 zloty a tonne (205.4 euros) for January delivery to ports, also supported by exchange rate movements and a stronger trend in Euronext.

Traders were awaiting the result of Algeria's new wheat purchase tender after repeated wheat shipments from Poland to the North African country in November and December.

"Polish milling wheat is still competitive on international markets," the trader added.

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