Market update week 32
By coincidence or not, the world’s largest wheat importers resumed market activity yesterday, notably influenced by Egypt’s significant invitation to tender. The GASC is procuring wheat for delivery every two weeks from October 2024 to April 2025, seeking a substantial volume of up to 3.8 million tonnes. Bids for this tender are due by August 12. In a parallel move, Algeria has followed suit, with the OAIC initiating a call for tenders last night, which will remain open until August 8.
By coincidence or not, the world’s largest wheat importers resumed market activity yesterday, notably influenced by Egypt’s significant invitation to tender. The GASC is procuring wheat for delivery every two weeks from October 2024 to April 2025, seeking a substantial volume of up to 3.8 million tonnes. Bids for this tender are due by August 12. In a parallel move, Algeria has followed suit, with the OAIC initiating a call for tenders last night, which will remain open until August 8.
Apprehensions regarding a potential recession in the United States, which are once again unsettling the financial markets, are temporarily overshadowing the significant geopolitical tensions in the Middle East and the underlying stress on the European grain market following an exceptionally disappointing harvest, particularly for French wheat.
Apprehensions regarding a potential recession in the United States, which are once again unsettling the financial markets, are temporarily overshadowing the significant geopolitical tensions in the Middle East and the underlying stress on the European grain market following an exceptionally disappointing harvest, particularly for French wheat.
In Europe, farmers anxiously watched as relentless rains battered their fields, delaying the wheat harvest. France, the continent’s largest wheat producer, saw its yield drastically reduced, reminiscent of the historic low production levels of 1983. As the clouds finally parted, a glimmer of hope appeared with the promise of stable weather, allowing harvesters to resume their work. However, the looming spectre of an impending recession in the United States further unsettled the already strained markets.
In Europe, farmers anxiously watched as relentless rains battered their fields, delaying the wheat harvest. France, the continent’s largest wheat producer, saw its yield drastically reduced, reminiscent of the historic low production levels of 1983. As the clouds finally parted, a glimmer of hope appeared with the promise of stable weather, allowing harvesters to resume their work. However, the looming spectre of an impending recession in the United States further unsettled the already strained markets.