GASC, the Egyptian grain authority, returned to the markets this week purchasing 235,000t of wheat. As the largest importer of wheat, Egyptian demand has a significant bearing on the markets.

Of the 235,000t purchased this week by GASC, tender results show that over a quarter (60,000t) was sourced from France which helped to lift grain prices in Europe somewhat. In the US, the market was relatively steady, although prices continue to be suppressed by the sluggishness of US grain exports, which have been hampered for the last 12 months by the strong US dollar.

Europe

In Paris, grain prices from the Euronext exchange (MATIF) made some gains during Thursday’s trade.

Wheat for May 2016 delivery increased marginally to settle at just below €169/t, while May 2017 delivered wheat was relatively flat at €183/t.

Maize (corn) futures in Paris also showed a slight improvement with June 2016 maize gaining €1/t to finish at €163/t, while June 2017 maize also increased by €1/t to settle at €168/t.

Rapeseed futures steadied after a difficult week to date. May 2016 delivered rapeseed gained more than €2/t to finish at €360/t, while May 2017 rapeseed improved by €3/t to finish Thursday’s session in Paris at €358/t.

Chicago

Wheat futures from the grain market in Chicago (CBOT) showed some upward momentum on Thursday, while maize prices continued to hold steady.

SRW wheat for May 2016 delivery improved by more than $1/t to settle at $176/t (€163/t), while May 2017 delivered SRW wheat gained over $3/t to finish at $192/t (€177/t).

US maize (corn) prices continued to hold their own. May 2016 delivered maize inched slightly back to $146/t (€135/t), while maize for May 2017 delivery was also slightly back to finish at the $159/t (€147/t) mark.