European wheat prices rose on Wednesday after Egypt’s first purchase of French wheat in almost a year raised hopes of further exports in a market that has been dominated by Black Sea origins.
Benchmark March milling wheat on Paris-based Euronext closed 0.6 percent up at 282.25 euros ($320.10) a ton.
Egypt’s state grains buyer, the General Authority for Supply Commodities (GASC), bought 300,000 tons of wheat in an international tender for shipment Feb. 15 to Mar. 3, including 60,000 tons of French wheat, it said on Wednesday.
The last time GASC bought French wheat was in early February.
Since then, the office favored cheaper offers for Black Sea wheat origins including Russia, Romania, and Ukraine.
Egypt’s government imports of wheat have amounted to 5.5 million tons in 2021, in addition to about 3.5 million tons secured locally from farmers.
The price of subsidized sugar in Egypt will increase to 10.5 Egyptian pounds ($0.6671) per kilogram from January 1, 2022, up from 8.50 pounds currently, Supply Minister Ali Moselhy said on Wednesday.
The supply ministry last week said Egypt has sufficient sugar reserves to cover 3.5 months of consumption.
