CHICAGO, Ill. (Reuters) – Wheat futures on American commodity markets fell sharply early this week on news over the weekend that Egypt bought wheat from Australia rather than from the United States, traders said.
Egypt’s main wheat buyer, GASC, said it bought 180,000 tonnes of white wheat from Australia. The wheat market had been expecting Egypt to continue buying U.S. wheat but the Egyptians said it could buy cheaper from Australia.
