Russian wheat dominated Egypt's GASC tender, with the lowest offer at $186.05 per tonne FOB for 60,000 tonnes. Traders said Russia's potentially record crop is pushing export prices down, with eight of the nine lowest offers coming from Russia.
Egypt is also reviewing a Romanian cargo rejected for poppy seeds.
Aggressive Russian pricing from a record crop sets a low benchmark for global wheat, bearish for wheat values and competing feed grains.
After 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.
After 82 past bearish trade events, Wheat (HRW) moved a median -0.3% over 5 sessions (48% higher; middle half -2.8% to +1.9%), 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.