Egypt’s state grain buyer, the General Authority for Supply Commodities, cancelled its international tender for wheat, stating the offer prices were more expensive than expected. Egypt lowered protein levels for the tender and the United States was hoping to make a sale. Midwest Market Solutions President Brian Hoops says this news dragged a little on the wheat market, but traders anticipate the United States to still see some business in the future. “They’re still in talks with private companies to possibly buy some wheat. The deal isn’t dead yet, but the fact that they cancelled the tender put a little weakness in the wheat markets,” says Hoops. “If they end up buying wheat, it will probably be the soft red wheat Chicago variety and that would probably give us a bounce in the market. They may buy more later.”
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