Egypt’s GASC directly buys 280,000 tonnes of Russian wheat -traders

Credit: REUTERS/Faisal Al Nasser

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CAIRO, Nov 10 (Reuters) - Egypt's state grains buyer, the General Authority for Supply Commodities, is believed to have bought 280,000 tonnes of Russian wheat via direct purchases, traders said on Thursday.

Traders gave the following breakdown of the purchase:

Supplier

Quantity (MT)

C&F Price ($ per tonne)

Origin

Shipment

Grain Flower

2x 40,000

362.5

Russian

First half of December

Grain Flower

2x 40,000

362.5

Russian

Second Half of December

Aston

60,000

362.5

Russian

Dec 15-30

Viterra

60,000

362.5

Russian

Dec 10-31

The purchases comes a few days after GASC cancelled its first international wheat tender since July on Monday, citing high prices.

The lowest C&F offer at the tender was $369.95 per tonne for 40,000 tonnes of Russian wheat, with traders adding that GASC was negotiating for a price of $360 per tonne.

This year Egypt has been opting to buy wheat through private talks with traders instead of through tenders, with the supply minister saying in September that the option offered more attractive prices.

(Reporting by Sarah El Safty; Writing by Enas Alashray; Editing by Chris Reese and Deepa Babington)

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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