European traders reported that Algeria's state grain agency OAIC bought milling wheat at an international auction which ended on Tuesday.

They said that initial purchases were reported as being around $257 per metric ton, including freight. Traders claimed that some were purchased below this price.

Initial, it was unclear how much tonnage the buyer had purchased.

The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later.

The agency requested wheat for shipment from three main supply regions, including Europe, between September 16-30 and October 1-15, as well as October 16-31. It appears that the agency decided to skip the first half month of September.

Shipping is one month sooner if the product comes from South America or Australia. Reporting by Michael Hogan, Hamburg; Gus Trompiz, and Sybille De La Hamaide, Paris

(source: Reuters)