Wheat futures boosted by weekend sale to Egypt

by Ron Sterk
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KANSAS CITY — U.S. wheat futures prices were boosted in overnight trading after the United States captured the majority of an export tender held by Egypt over the weekend, according to trade reports.

In a tender just announced last Friday, Egypt bought 400,000 tonnes of wheat, including 280,000 tonnes of U.S. wheat, for January and February shipment. Because of high prices, U.S. wheat had been uncompetitive in foreign markets for some time, but recent declines had put U.S. supply in a more exportable position, especially in the case of soft winter wheat. The class(es) of wheat purchased by Egypt was not immediately specified in the trade reports.

Egypt bought 165,000 tonnes of U.S. wheat for January shipment, including 110,000 tonnes at $337.39 a tonne and 55,000 tonnes at $335.87 a tonne. For February shipment, Egypt bought 115,000 tonnes of U.S. supply, including 55,000 tonnes at $351.49 a tonne and 60,000 tonnes at $348.89 a tonne.

Egypt also bought 60,000 tonnes of French wheat at $359.89 a tonne and 60,000 tonnes of Romanian wheat at $362.04 a tonne, both for January shipment.

Wheat futures prices in Chicago, Kansas City and Minneapolis were up about 6@12c a bu around 7:30 a.m. Central time.
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