EGYPT bought 510,000 tonnes of US wheat and 120,000 tonnes of Australian wheat last week after stating it would steer clear from the market for two months.
- IGC wheat estimate up
THE International Grains Council (IGC) on Thursday put 2001/02 world wheat production at 581 million tonnes, up
3m on this season.
US and EU production is expected to fall in line with lower plantings. This is expected to be offset by higher Australian, Chinese and eastern European crops, among others.
World stocks for this season were revised down 1m tonnes to 102m tonnes. Stocks held by the worlds five major exporters were 2.4m tonnes lower than the November estimate, at 45.9m.
- Export interest as Argentina harvests
ARGENTINAS wheat harvest is 85% complete and prices continue to see support.
Its wheat has seen strong interest from North Africa, Brazil and the Middle East amid limited supplies of high quality wheat.
Latest export sales are running at close to 5.5m tonnes, significantly ahead of last years pace.
Taken from HGCA weekly MI Bulletin
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