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Algeria has excluded French offers in its past three milling wheat import tenders, amid a diplomatic row with France. Algeria typically buys around 6 million tonnes a year and has accounted for 40-50% of French non-EU wheat exports.
French wheat stocks at season end were forecast at a 17-year high.
Losing a major buyer leaves France with large unsold stocks, which pressures EU wheat export prices and encourages rival suppliers to compete for Algerian business. The effect is bearish for wheat export values.
ukragroconsult.comJan 24, 2022After 375 past bearish trade events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -2.0% to +1.1%), and -0.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
