Russian wheat offered lowest at Egypt's GASC tender
- GASC also received a lowest offer of $263.97 for 55,000 tonnes of Russian wheat on a FOB basis for a second shipment period from Dec 11-20.
- Egypt, the world's largest wheat importer, is in the market for an unspecified quantity of the grain following a month-long hiatus.
CAIRO: Egypt's state grains buyer, the General Authority for Supply Commodities (GASC,) on Friday received a lowest offer of $262.97 per tonne for 55,000 tonnes of Russian wheat on a free-on-board (FOB) basis in an international purchasing tender for shipment Dec. 1-10, traders said.
GASC also received a lowest offer of $263.97 for 55,000 tonnes of Russian wheat on a FOB basis for a second shipment period from Dec 11-20. Both offers were presented by Louis-Dreyfus.
Egypt, the world's largest wheat importer, is in the market for an unspecified quantity of the grain following a month-long hiatus.
At its last purchase tender on Sept. 22, GASC purchased 405,000 tonnes of Russian wheat, which, authorities said, raised the country's strategic stocks to cover six months of consumption.
Prices have surged since then amid worries over persisting effects of drought in major production belts worldwide.
"Its a refection of rising Russian prices as the dry weather causes crop concerns," one European trader said.
"Internal market prices in Russia are rising almost every day."
Another European trader said that while the offers continued to be dominated by Russian wheat, the rising prices had allowed French wheat to compete in the spread "although gradually".
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