French wheat won half of Egypt’s tender as a weakening euro boosted its appeal for overseas buyers just as government purchases made grain from main competitor Russia more expensive.
Egypt, the world’s biggest wheat importer, bought 120,000 metric tons of French wheat, or half of the supplies purchased in Thursday’s tender, according to state buyer the General Authority for Supply Commodities, or GASC. The euro is near a three-month low against the dollar, boosting the attractiveness of grain from France, consultants at Agritel wrote in a report.
