Wheat prices jump after huge Egyptian order.
Wheat prices extend gains after Egypt, the world's top importer, unveiled its biggest order since at least 2010, taking to 1.25m tonnes its purchases in less a month.
Wheat prices, after falling in Chicago in nine of the previous 10 sessions, soared 2.6% at one point on Thursday after Egypt's state grain buyer, Gasc, unveiled an order of 475,000 tonnes.
Even by Egyptian standards, the order was unusually large, beating a 420,000-tonne purchase a year ago, and represented was the latest of a series of deals by importers during the break in prices, with Jordan, Saudi Arabia and Tunisia also buying.
Minutes after Gasc unveiled its order, Iraq was revealed to have unveiled a tender.
Rising prices
The extent of the rally in US prices puzzled some investors, given that Gasc bought solely from Black Sea suppliers, mainly Russia.
Wheat prices extend gains after Egypt, the world's top importer, unveiled its biggest order since at least 2010, taking to 1.25m tonnes its purchases in less a month.
Wheat prices, after falling in Chicago in nine of the previous 10 sessions, soared 2.6% at one point on Thursday after Egypt's state grain buyer, Gasc, unveiled an order of 475,000 tonnes.
Even by Egyptian standards, the order was unusually large, beating a 420,000-tonne purchase a year ago, and represented was the latest of a series of deals by importers during the break in prices, with Jordan, Saudi Arabia and Tunisia also buying.
Minutes after Gasc unveiled its order, Iraq was revealed to have unveiled a tender.
Rising prices
The extent of the rally in US prices puzzled some investors, given that Gasc bought solely from Black Sea suppliers, mainly Russia.