ODA market alert: Egypt cancels wheat tender due to lack of offers

Egypt’s 🇪🇬 state grain buyer GASC made no purchases today as only four trading houses participated in the tender. This low participation was largely linked to uncertainty caused by reports Russia 🇷🇺 is about to raise its planned wheat export tax, As a result, traders have the greatest difficulties to source volumes from farmers. This is confirming our prediction that Russia export capacity will fall in the second half of the season. This is considered bullish and prices are up 1 to 2% on the news, with LIFFE 🇬🇧 up another £2 despite £ strength.