Egypt and Iraq snub U.S. Wheat

Aug 09, 2013

Australia, Canada, Romania and Ukraine, among exporters replacing U.S.

By Victor Sanitago, Farms.com

Egypt, the largest wheat importer in the world, has replaced the U.S. with Romania and Ukraine, tendering a total of 120,000 metric tons to them in August. Iraq has followed suit, tendering 150,000 tons to Australia and Canada. This has led to a fall in U.S. wheat prices, the most in three weeks. Wheat for December delivery fell on the Chicago Board of Trade, adding to a 16 percent decline since the beginning of the year.

This year, U.S. wheat prices have faced some downward pressure from an increase in supply domestically and abroad. Corn prices have also fallen, due mainly to a record corn crop as well as 13 year highs in global stockpiles.

Jamey Kohake, from Paragon Investments, was quoted by Bloomberg as saying, “I don’t think wheat is going to fall apart completely, but since we missed that sale, investors are selling the grain.” As of 1:15 p.m. on August 8th, 2013 wheat was trading at $6.56USD a bushel.

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