DJ Saudi Arabia Tenders For 275.000 Tons Of Milling Wheat

The wheat is for delivery between May 10 and June 30 and bids are due by Friday, the traders said.  In a sign of the growing dearth of high-quality milling wheat, the GSFMO is tendering for wheat with a 12,5pc protein content, below its usual requirements. The kingdom would usually prefer to buy German wheat, but the traders said this tender is designed to attract bids from the U.S. Saudi Arabia is the third country this week seeking to take advantage of a pull-back in global prices. Top importer Egypt bought 235.000 tons and neighboring Morocco has issued a tender for 75.000 tons. European milling-wheat futures slipped almost 7pc to a two-month low as nervous investors, spooked by the ongoing unrest in Libya and its potential impact on the global economy, ditched their positions. Although prices recovered to end flat, risk manager Agritel said it expects “continued liquidative sellings to secure profits in the current context of geopolitical risks” in coming sessions. 

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