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Price of EU Wheat Rises After First French Sale to Egypt

European wheat prices rose after Egypt bought French wheat for the first time in almost a year. (Reuters)
European wheat prices rose after Egypt bought French wheat for the first time in almost a year. (Reuters)
    Paris, Cairo - Asharq Al-Awsat
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Price of EU Wheat Rises After First French Sale to Egypt

European wheat prices rose after Egypt bought French wheat for the first time in almost a year. (Reuters)
European wheat prices rose after Egypt bought French wheat for the first time in almost a year. (Reuters)

European wheat prices rose on Wednesday after Egypt’s first purchase of French wheat in almost a year raised hopes of further exports in a market that has been dominated by Black Sea origins.

Benchmark March milling wheat on Paris-based Euronext closed 0.6 percent up at 282.25 euros ($320.10) a ton.

Egypt’s state grains buyer, the General Authority for Supply Commodities (GASC), bought 300,000 tons of wheat in an international tender for shipment Feb. 15 to Mar. 3, including 60,000 tons of French wheat, it said on Wednesday.

The last time GASC bought French wheat was in early February.

Since then, the office favored cheaper offers for Black Sea wheat origins including Russia, Romania, and Ukraine.

Egypt’s government imports of wheat have amounted to 5.5 million tons in 2021, in addition to about 3.5 million tons secured locally from farmers.

The price of subsidized sugar in Egypt will increase to 10.5 Egyptian pounds ($0.6671) per kilogram from January 1, 2022, up from 8.50 pounds currently, Supply Minister Ali Moselhy said on Wednesday.

The supply ministry last week said Egypt has sufficient sugar reserves to cover 3.5 months of consumption.

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TotalEnergies Q3 Income Hits Three-year Low

(FILES) This photograph taken on October 5, 2022, shows a logo of Total Energies at a gas station in Genech, northern France. (Photo by Sameer Al-DOUMY / AFP)
(FILES) This photograph taken on October 5, 2022, shows a logo of Total Energies at a gas station in Genech, northern France. (Photo by Sameer Al-DOUMY / AFP)
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TotalEnergies Q3 Income Hits Three-year Low

(FILES) This photograph taken on October 5, 2022, shows a logo of Total Energies at a gas station in Genech, northern France. (Photo by Sameer Al-DOUMY / AFP)
(FILES) This photograph taken on October 5, 2022, shows a logo of Total Energies at a gas station in Genech, northern France. (Photo by Sameer Al-DOUMY / AFP)

French oil major TotalEnergies reported third-quarter adjusted net income at a three-year low of $4.1 billion on Thursday, slightly missing expectations as refining margins and upstream outages dragged down earnings.
Adjusted net income was down 37% from a year earlier and 12.7% lower from the previous quarter's $4.7 billion. The result just missed analyst expectations of $4.2 billion, Reuters reported.
Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) fell 23.6% year on year to $10 billion.
Earlier this month, TotalEnergies warned its financial results would take a hit as its margin for converting crude oil into refined fuels tumbled 65%.
Global refining margins have dropped sharply in recent months in the face of weaker economies and the start-up of several new refineries in Asia and Africa, while oil prices fell 17% in the quarter - the largest quarterly decline in a year - on worries about the global oil demand outlook.
TotalEnergies shares were down 1.5% in early trading. RBC analyst Biraj Borkhataria said Total reported "weaker cash generation relative to expectations", and that while "divisional estimates were broadly in line with consensus ... estimates have been falling following the recent trading update."
The company confirmed $2 billion in share buybacks for the fourth quarter and decided a third interim dividend of 0.79 euros per share for 2024.
In addition to a 83% drop in quarterly refining and chemicals division profits year-on-year, Total's integrated LNG division also made 21% less than the third quarter last year, with the company citing low gas market volatility as a hamper on trading profits. Integrated power, which includes renewables, was down 4% from a year ago.
TotalEnergies took a $1.1 billion impairment related to the August bankruptcy filing of US subsidiary SunPower, and its exit of several South African offshore blocks.
Quarterly hydrocarbon production of 2.4 million barrels of oil-equivalent per day was at the low end of guidance given at half year due to security-related disruptions in Libya and an outage at the Ichthys LNG plant in Australia.