CAIRO: Egypt’s state grains buyer, the General Authority for Supply Commodities (GASC) on Tuesday received a lowest offer of $244.50 a tonne for 60,000 tonnes of Ukrainian wheat on a free-on-board (FOB) basis, traders said.
GASC is seeking an unspecified quantity of wheat for shipment Sept. 20-30 and will pay using 180-day letters of credit.
GASC had allowed traders to also offer freight for their cargoes but none of the suppliers participating in Tuesday’s tender elected to do so.
Export prices of Russian wheat, of which Egypt is a major client, rose last week amid global concerns about unfavourable weather in key exporting countries, including Russia, analysts said on Monday.
Five of the 11 FOB offers presented in Tuesday’s tender were for Ukrainian grain. Favourable weather could help Ukraine to harvest about 76 million tonnes of grain this year, up from 65 million in 2020.
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