Last Update 23:52
Saturday, 20 July 2019

Egypt's GASC tender lowest offer $235/T for 60,000 T of US soft red wheat: Traders

Reuters , Friday 8 Feb 2019
Wheat
File Photo: A bird flies over a wheat field, in Qalubiyah, North Cairo, Egypt (Photo: AP)
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An Egyptian state purchase tender for wheat drew a lowest offer of $235 per tonne for 60,000 tonnes of U.S. soft red wheat on a free on board (FOB) basis, traders said on Friday.

The offer was presented by Cargill.

Egypt’s state grains buyer, the General Authority for Supply Commodities (GASC), is seeking an unspecified quantity of wheat for shipment March 21-31.

“This looks like a new sign that the Russian grip on sales to Egypt has come to a close after such a long time this season,” one European trader said.

“It has been expected that rising Russian prices would transfer more export business to the United States and west Europe.”

At its last purchase tender for wheat, GASC bought 360,000 tonnes of French and Romanian wheat last week.

The Russian wheat on offer was too expensive to be competitive.

The Russian agriculture ministry said this week that grain exports will slow down in the short term as high domestic prices make it harder for exporters to offer competitive prices abroad.

The ministry’s next meeting with Russia’s grain exporters is scheduled on Feb. 11.

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