Egypt’s GASC buys 300,000 tonnes of wheat
Egypt, the world’s biggest importer of wheat, buys French, Russian, Romanian wheat
Egypt’s state grain buyer, the General Authority for Supply Commodities (GASC), said on Saturday it had bought 300,000 tonnes of French, Russian and Romanian wheat in a tender for shipment between June 5 and June 15.
Egypt, the world’s biggest importer of wheat, bought 60,000 tonnes of French wheat from Glencore, 60,000 tonnes of French wheat from Soufflet and 60,000 tonnes French wheat from Cargill, Mamdouh Abdel Fattah, GASC vice-chairman, said.
GASC also bought 60,000 tonnes of Russian wheat from Cargill and 60,000 tonnes of Romanian wheat from Nidera, he said.
The wheat was purchased at an average price of $221.39 a tonne on a cost-and-freight basis.
Traders gave the following breakdown of the purchase:
-60,000 tonnes of French wheat from Glencore at $206 a tonne free-on-board (fob) and $13.50 a tonne freight
-60,000 tonnes of French wheat from Soufflet at $208.44 a tonne fob and $12.65 a tonne freight
-60,000 tonnes of French wheat from Cargill at $208.50 a tonne fob and $12.65 a tonne freight
-60,000 tonnes of Russian wheat from Cargill at $212.50 a tonne fob and $9.64 a tonne freight
-60,000 tonnes of Romanian wheat from Nidera at $213.99 a tonne fob and $9.10 a tonne freight
Egypt started its local wheat procurement season on Tuesday with supplies minister Khaled Hanafi saying up to 3.7 million tonnes of Egyptian wheat would be purchased.
The local purchases are expected to up the country's strategic reserves to September.
Traders said the following offers were presented, in dollars a tonne, on a free-on-board basis, unless otherwise stated:
*ADM: 60,000 tonnes of Polish wheat at $214.33 from one port
*Soufflet: 60,000 tonnes of French wheat at $208.94 from two ports
*Glencore: 60,000 tonnes of French wheat at $206 from one port and/or 60,000 tonnes of French wheat at $211 from one port
*Vitol: 60,000 tonnes of Russian wheat at $219.88
*Cargill: 60,000 tonnes of U.S. hard red wheat at $237 and/or 60,000 tonnes of French wheat at $209 from one port and/or 60,000 tonnes of Russian wheat at $214
*Union: 60,000 tonnes of Russian or 60,000 tonnes of French or 55,000 tonnes of Romanian or 55,000-60,000 tonnes of Ukraine wheat at $235 at the seller's option
*Nidera: 60,000 tonnes Romanian at $213.99
Traders also said the following freight (ocean shipping) offers were made in the tender, in dollars per tonne:
*Mina Dubai $10.30
*Mina Egypt $10.34
*National Navigation Company $9.20
*Mina Dubai $9.60
*Mina Egypt $9.73
*National Navigation Company $14.90
*Mina Dubai $15.20
*National Navigation Company $13.60
*Mina Dubai $13.54
*Mina Egypt $13.73
*Mina Dubai $24.70
*National Navigation Company $25.30
*National Navigation Company $22.85
No Freight offers for Polish wheat were presented.
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