# Egypt haggling back in full force as world awash with wheat

> Bloomberg reports world wheat stocks will reach a record 235 million tons at the end of 2016/17, and total grain inventories will top 500 million tons for the first time. Egypt's tender on Thursday bought 235,000 tons at an average 82 cents a ton below offers, while Chicago wheat has fallen about 14 percent this year.

- Date: 2016-12-29 · published 2016-12-29T12:00:00.000Z
- Category: trade · region Global · magnitude medium
- Page: https://feedsoft.ai/events/73531-egypt-haggling-back-in-full-force-as-world-awash-with-wheat
- Commodities: [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Record global stocks and buyer leverage in tenders keep wheat export prices under pressure, which supports cheap wheat as a feed ingredient substitute for corn.

## Read by commodity

- WHEAT: bearish ▼
- KWHEAT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| KWHEAT | 2019-02-21 | [Tender in Egypt has further reduced the price of wheat](https://feedsoft.ai/events/6778-tender-in-egypt-has-further-reduced-the-price-of-wheat.md) | -2.5% | -1.3% |
| KWHEAT | 2022-12-02 | [Wheat wilts in the face of harvest selling pressure \| Stock Journal \| SA](https://feedsoft.ai/events/6646-wheat-wilts-in-the-face-of-harvest-selling-pressure-stock-journal-sa.md) | -4.7% | -1.7% |
| KWHEAT | 2023-09-19 | [US HRW wheat exports projected at record low \| World Grain](https://feedsoft.ai/events/34149-us-hrw-wheat-exports-projected-at-record-low-world-grain.md) | -2.8% | -9.0% |
| KWHEAT | 2022-11-09 | [Wheat prices continue to fall amid USDA report and cancellation of tender in Egypt](https://feedsoft.ai/events/38715-wheat-prices-continue-to-fall-amid-usda-report-and-cancellation-of-tender-in.md) | +1.8% | -8.6% |
| KWHEAT | 2022-12-29 | [Favorable weather for winter wheat in the USA, Europe and the Black Sea region is putting pressure on quotations](https://feedsoft.ai/events/38268-favorable-weather-for-winter-wheat-in-the-usa-europe-and-the-black-sea-region.md) | -4.8% | -1.5% |
| WHEAT | 2019-02-21 | [Tender in Egypt has further reduced the price of wheat](https://feedsoft.ai/events/6778-tender-in-egypt-has-further-reduced-the-price-of-wheat.md) | -3.2% | +0.7% |
| WHEAT | 2021-08-10 | [India re-emerges as rice and wheat exporter  \| World Grain](https://feedsoft.ai/events/45526-india-re-emerges-as-rice-and-wheat-exporter-world-grain.md) | +3.4% | +5.1% |
| WHEAT | 2023-09-21 | [Exclusive: Egypt in talks for Emirati funding to buy Kazakh wheat -traders \| Reuters](https://feedsoft.ai/events/34142-exclusive-egypt-in-talks-for-emirati-funding-to-buy-kazakh-wheat-traders-reuters.md) | -1.8% | -1.8% |

## Sources

- spokesman.com: https://www.spokesman.com/stories/2016/dec/29/egypt-haggling-back-in-full-force-as-world-awash-w/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.