Chicago | Reuters –– Chicago Board of Trade corn futures gained for the second straight day on Wednesday, as the grain market enjoyed a price bump from investors continuing to cover short positions and as crude oil prices rose. Front-month CBOT March corn cracked through several moving averages during the day — including the 50-day […] Read more
U.S. grains: Prices jump on short-covering, oil rise
Egypt rejects Canadian wheat shipment over ergot
Abu Dhabi | Reuters –– Egypt’s agricultural quarantine authority has rejected a shipment of Canadian wheat, saying it contained traces of the fungus ergot, a trade source said and official documents obtained by Reuters showed. The move by the quarantine authority is the latest in a series of rejections, which have caused serious concerns over […] Read more
U.S. grains: Wheat falls to three-week low
Chicago | Reuters — U.S. wheat futures slumped for a second session on Friday, anchored by ample global supplies and after top importer Egypt canceled a tender for the second time this week. Corn and soybeans also fell at the Chicago Board of Trade, with all three markets posting a weekly decline ahead of a […] Read more
Egypt to accept wheat with 0.05 per cent ergot
Cairo | Reuters — Egypt’s agriculture ministry will allow wheat imports with up to 0.05 percent levels of ergot, a common grains fungus, it said on Feb. 3, reversing a zero tolerance policy that prompted traders to boycott the state’s wheat tender this week. The supply ministry and the General Authority for Supply Commodities (GASC) […] Read more
Egypt to launch ag commodities bourse by year-end
Cairo | Reuters –– Egypt plans to launch an agricultural-focused commodities trading exchange, the first of its kind in the Middle East, by the end of 2016, Supplies Minister Khaled Hanafi said Monday. Egypt announced plans to set up a global commodities centre in 2014, but gave few details at the time. Hanafi said that […] Read more
Egypt’s ergot saga leaves wheat traders in limbo
Reuters — One Egyptian official’s tough stance on wheat imports carrying a fungus that wreaked havoc in the Middle Ages is baffling global grain traders and putting a spotlight on policy-making disarray in the world’s biggest purchaser of the commodity. Alarm bells began ringing in Egypt when a 63,000-tonne wheat shipment from France arrived in […] Read more
Egypt moves to clarify ergot rules on wheat imports
Reuters — Egypt’s supply ministry moved to clarify rules on wheat imports on Thursday, saying it would allow shipments with traces of the grain fungus ergot to enter the country. Wheat traders have been concerned that uncertainty over payment and inspection terms in Egypt, the world’s biggest wheat importer, would dampen export demand. The problem […] Read more
Egypt’s new wheat requirement could delay supplies
Cairo/Abu Dhabi | Reuters — Egypt, the world’s largest purchaser of wheat, has imposed restrictive import requirements, an agricultural authority official told Reuters, alarming traders who threatened to boycott tenders for the politically sensitive commodity. The new requirement — for a complete absence of ergot, a common fungus found in grains — could disrupt the […] Read more
Egypt says wheat stocks enough to last until early May
Cairo | Reuters — Egypt’s stock of wheat for its subsidized bread program will last until the first week of May, well into the start of the local harvest, after it bought 180,000 tonnes this week, Supplies Minister Khaled Hanafi said Friday. Hanafi said in a statement he expected new silos to come into use […] Read more
UAE-Egypt alliance expands to desert wheat venture
Abu Dhabi/Cairo | Reuters — Egypt and two companies from its strong backer United Arab Emirates have embarked on an ambitious plan to grow wheat in the desert that could boost the Cairo government’s credibility if successful. Egypt, the world’s biggest wheat importer, has long aspired to become self-sufficient in its staple food through various […] Read more
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