Egypt’s GASC pays $1.6/mt less, as France sells first cargo since Feb

27 Aug 2019 | Rei Geyssens

Egypt’s state grain buyer GASC paid $1.57/mt less for 350,000 mt it bought at tender on Tuesday as French wheat was aggressively offered and booked for the first time since February this year, market sources told Agricensus.

GASC paid an average price of $216.27/mt CFR Egypt for wheat for delivery between October 1-10, compared with the $217.84/mt it paid for the 295,000 mt it booked some two weeks ago which was for delivery during the second half of September.

French wheat was the main eyecatcher, with its origin price nearly $5/mt cheaper than the second most competitive cargo at $193.6/mt FOB La Pallice sold by Glencore. It was also the most competitive cargo on a destination basis at $215.09/mt despite more expensive freight.

LDC sold the single Ukrainian cargo at a price of $216.6/mt with a freight cost at $18.25/mt loading in Odesa.

The remaining four cargoes at a combined volume of 230,000 mt were of Russian origin with three sold by Posco Daewoo at an origin price of $199.4/mt with two cargoes to be loaded in Novorossiysk and one in Tuapse.

The fourth was sold my Garant Logistik to be loaded in Novorossiysk at the same origin price.

The freight differed for each cargo, with the 55,000 mt cargoes carrying an average freight of $17.56/mt while the 60,000 mt cargoes were carrying a freight of $16.66/mt.

Full details of GASC’s previous buying is available on the Agricensus Tenders Dashboard.