Egypt wheat buyer says rising Russian prices will aid competitors

Reuters, Thursday 6 Sep 2012

Egypt's General Authority for Supply Commodities says rising prices for Russian wheat will make other wheat sellers more competitive

Egypt's main state wheat buyer said on Thursday that rising prices of Russian wheat would make wheat from other countries more competitive, adding that he wanted more information as to how much Russian wheat would be available for export.

"The meeting point between the pricing of wheat of various origins is definitely getting closer," Nomani Nomani, vice chairman of Egypt's General Authority for Supply Commodities (GASC), told Reuters after buying 475,000 tonnes of Black Sea wheat in a single tender.

"We can see that the Russian bids were much less for November shipment ... That means that more purchases from France during that period will be very probable," he said.

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