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Egypt's GASC buys 120,000 T of Russian wheat

Egypt's authority of supply commodities bought the first wheat shipment since the start of fiscal year 2012/13 from Russia

Reuters, Sunday 12 Aug 2012
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Egypt, the world's biggest wheat importer, has bought 120,000 tonnes of Russian wheat for September 10-20 shipment on a free on board basis, the main government wheat buyer said on Saturday.

Nomani Nomani, Vice Chairman of the General Authority for Supply Commodities (GASC), gave the following breakdown of the purchases:

60,000 tonnes of Russian wheat from Glencore at $316.47/tonne with freight costs of $10.90 per tonne

60,000 tonnes of Russian wheat from Soyuz at $316.47/tonne with freight costs of $10.73 per tonne

This is GASC's first international wheat purchase since the start of the 2012/13 fiscal year which began on July 1. Its last international wheat purchase was on April 5, when GASC bought 115,000 tonnes of U.S. soft red winter wheat for May 21-31 shipment.

During the 2011/12 fiscal year, GASC's purchases were dominated by Black Sea origin wheat.

GASC purchased 3.24 million tonnes of Russian wheat, 180,000 tonnes of Romanian wheat, 360,000 tonnes of Ukrainian wheat, 60,000 tonnes of Russian, Ukraine or Kazakh wheat at the seller's option and 60,000 tonnes of Russian or Kazakh wheat at the seller's option during the 2011/12 fiscal year.

It also bought 300,000 tonnes of French wheat and 300,000 tonnes of Argentine wheat as well as 530,000 tonnes of U.S. soft red winter wheat and 60,000 tonnes of Canadian wheat.

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