Egypt's GASC seeks wheat in private talks -traders


Adds detail from paragraph three

PARIS/HAMBURG, July 4 (Reuters) - Egypt's state grains buyer, the General Authority for Supply Commodities (GASC), is in private negotiations with trading houses about buying wheat without issuing an international tender, traders said on Monday.

Offers for an undisclosed volume of wheat will be accepted from July 4. Price offers must remain valid for 24 hours, traders said.

Shipment is sought in four periods: Sept. 1-15, Sept. 16-30, Oct. 1-15 and Oct. 16-31, traders said.

Offers are being sought for Romanian, Bulgarian, Russian and French wheat.

GASC typically purchases wheat through international tenders, but Egypt’s supply minister said in May that the cabinet had approved direct purchases from countries or companies.

In its last wheat purchase in an international tender on June 29, GASC bought 815,000 tonnes of mainly French wheat for shipment in August, September and October.

Traders said wheat prices have fallen sharply in recent days, creating more buying interest.

U.S. wheat futures tumbled on Friday to levels not seen since February pressured by a firmer U.S. dollar and rising supply from the northern hemisphere's harvest. GRA/

(Reporting by Gus Trompiz in Paris and Michael Hogan in Hamburg, Writing by Sybille de La Hamaide, editing by Louise Heavens and Jason Neely)

((; +336 8774 4148;))

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

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.