Grain traders to deliver 420,000 tonnes of Romanian wheat to Egypt

Intellinews - Romania Today

Major graintraders have won the auctions to deliver 180,000 tonnes of Romanian wheat to Egypt in the period of August 11-20, raising to 420,000 tonnes the volume of Romanian wheat from the new crop to be exported in Egypt.

The prices for the wheat sold under the latest contracts for August 11-20, including the transport to Egypt, range between USD 261.97 and USD 263.35 per tonne. The highest price was USD 0.87 above the level reached in the previous June 21 auction.

Romania is so far the largest wheat source for Egypt in the new marketing year, followed by Russia with only 180,000 tonnes.

Romanian farmers are starting to harvest the new wheat crop estimated at between 7.6 and 8.3mn tonnes.

The crop estimates caused a clash between farmers and traders with the former accusing the latter of overestimating the production with the visible aim of pushing down prices. The heavy rains in the last week of June, however, deteriorated the quality of the crop, part of which can be used only as animal fodder, farmers claimed recently. The millingwheat crop might eventually be so weak that net imports might be needed in the next 12 months, they warned. Nonetheless, even at a dramatic 30% loss of crops, the domestic production would cover domestic demand.

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