Algeria’s OAIC tenders for Dec-Jan wheat as futures jump 2%
AlgeriaвЂ™s state grain importer returned to the market on Tuesday as futures jumped following the USDA’s monthly Wasde...
Algeria’s state grain importer returned to the market on Tuesday as futures jumped following the USDA’s monthly Wasde report, tendering to buy milling wheat to be shipped from December-January.
Office Algerien Interprofessionnel des Cereales (OAIC), which typically buys more than the 50,000 mt it tenders for, is seeking cargoes for December 1-January 31 shipment.
The tender is set to close Thursday.
At its previous tender on October 22, OAIC paid around $275-$276/mt CFR for at least 630,000 mt of 11% milling wheat.
The tender comes as wheat futures jumped over 2% on Tuesday after a bullish monthly Wasde report from the USDA cut global corn and soybean supply, a move that dragged wheat futures higher with it.
Algeria will import an estimated 6.8 million mt of wheat in the 2020/21 marketing year, according to USDA estimates updated Tuesday.
Details of Algeria’s previous imports can be found on the Agricensus Tender Dashboard.