Algeria tenders for May-Jun wheat as futures at 8-year high
Algeria has become the latest country on a growing list of buyers looking to import milling wheat cargoes and secure supply...
Algeria has become the latest country on a growing list of buyers looking to import milling wheat cargoes and secure supply via tender as futures hit fresh multi-year highs on Monday not seen since 2013.
The Office Algerien Interprofessionnel des Cereales (OAIC) is looking to buy a nominal 50,000 mt of wheat, although it often buys more than the amount it tenders for.
The cargoes are for June shipment if sourced from the EU, USA or Canada, or May if sourced from South America or Australia.
The tender is set to close Wednesday with offers to remain valid until Thursday evening.
At its previous deep water vessel tender on March 31, OAIC booked 480,000 mt of wheat for April-May shipment at $279/mt CFR.
Monday’s tender comes as July SRW futures in Chicago traded up 4.5% to $7.46/bu, the highest level since February 2013.
Algeria’s wheat imports in the 2020/21 marketing year are expected at 6.5 million mt and at 5 million mt in 2021/22, according to a USDA forecast.
For more information on Algeria’s previous buying, please see our Tender Dashboard.