Wheat falls as Egypt shuns US grain for cheaper Russia supply
Sunday, 30 May 2010
NEW YORK, May 29 (Bloomberg): Wheat fell the most in two weeks on signs that importers are shunning US grain in favor of cheaper supplies from competing exporters.
Egypt, the world's largest importer of the grain, bought 180,000 metric tons of Russian wheat at a tender today for $178.50 a tonne, said Nomani Nomani, the vice chairman of the state-owned General Authority for Supply Commodities. Wheat at ports near New Orleans yesterday sold for $191.16 a tonne, US Department of Agriculture data show.
"We lost out again today," said Tom Leffler, the owner of Leffler Commodities LLC in Augusta, Kansas. "Cutting supplies back isn't going to get you out of trouble. We need to see some demand."
Wheat futures for July delivery fell 10 cents, or 2.1 per cent, to $4.5775 a bushel on the Chicago Board of Trade, the biggest drop since May 13.
Egypt, the world's largest importer of the grain, bought 180,000 metric tons of Russian wheat at a tender today for $178.50 a tonne, said Nomani Nomani, the vice chairman of the state-owned General Authority for Supply Commodities. Wheat at ports near New Orleans yesterday sold for $191.16 a tonne, US Department of Agriculture data show.
"We lost out again today," said Tom Leffler, the owner of Leffler Commodities LLC in Augusta, Kansas. "Cutting supplies back isn't going to get you out of trouble. We need to see some demand."
Wheat futures for July delivery fell 10 cents, or 2.1 per cent, to $4.5775 a bushel on the Chicago Board of Trade, the biggest drop since May 13.