European traders reported that Algeria's state grain agency OAIC had bought at least 600.000 metric tons milling wheat during an international auction which closed on Wednesday.

Some traders estimate the volume at 700,000-800,000 tons.

Most traders estimated the purchase price to be between $241 and $244 per ton, including cost and freight.

Algerian purchases in tenders can be of optional origin. However, traders suspect that wheat from the Black Sea area, including Russia Ukraine and Bulgaria will be supplied.

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

In 2024, the wheat would be shipped in two phases from Europe and other major supply regions. The first period was Sept. 1-15; the second Sept. 16-30. The shipment date is one month sooner if the wheat comes from South America or Australia.

Algeria is a major buyer of wheat from the European Union and France. However, Russian exporters are expanding rapidly on the Algerian market. Reporting by Michael Hogan, Hamburg; Gus Trompiz, Paris. Editing by David Goodman