Posted on June, 20, 2023 at 09:14 am
Algeria’s state grains agency OAIC has started buying milling wheat in an international tender which closed on Monday, European traders said in initial assessments.
Initial purchases reported were around $261.50 a metric ton cost and freight (c&f) included, they said. Some initial price estimates went as high as $263 a metric ton c&f.
Tonnage bought was initially unclear. Traders suspected initial purchases to involve Russian wheat although technically Algeria’s purchases are optional origin.
Results reflect assessments from traders and further estimates of prices and volumes are still possible later.
The wheat was sought for shipment in two periods from the main supply regions including Europe: Aug. 1-15 and Aug. 16-31. If sourced from South America or Australia, shipment is one month earlier.
Algeria does not release results of its tenders and reports are based on trade estimates. Algeria is a vital customer for EU wheat, especially from France, but Russian grain has been aggressively expanding its presence in the Algerian market recently.
Source: Nasdaq