Algeria pays 4% more for 510,000 mt of April wheat

Algeria’s state grains agency bought 510,000 mt of milling wheat at tender Thursday, paying 4% more than it did at its previous tender earlier in January, according to market sources.

OAIC paid a reported $219.79/mt CFR for April shipment milling wheat, up from the $211.52/mt OAIC paid earlier in the month for 555,000 mt of French and Argentinian wheat, reflecting tightening supply and the cost of carry in Argentina and France.

The deal includes 60,000 mt from Casillo at $219/mt, 60,000 mt from Cargill at $219/mt, 90,000 mt from Soufflet at $219.50/mt, 120,000 mt from Lecureur at $220/mt, 60,000 mt from Cofco at $220/mt, and 120,000 mt from Louis Dreyfus at $220.50/mt.

Typically sourcing its milling wheat from France, Algeria has bought 2.61 million mt from the EU and at least 400,000 mt from Argentina since the start of the 2017/18 marketing year.