GASC pays $3.58/mt more as it books 295,000 mt of Jan wheat

Egypt's state buyer GASC booked five cargoes of Russian wheat in a tender that closed on Tuesday, paying $3.58/mt more compared to its previous tender on November 13, according to market sources.

GASC purchased 295,000 mt of Russian wheat paying an average of $221.90/mt FOB and $235.94/mt CFR, with loading for January 21-31.

GASC received a total of 14 offers – including Romanian, French, Ukrainian cargoes in addition to the Russian – with most prices tightly grouped around the winning Russian offers.

French wheat was offered the lowest at origin at $221.86/mt FOB.

Since the last tender, the wheat price has firmed by around $2/mt for January shipment with current offers for that loading dates reported at $212-214/mt FOB.

At its previous tender, GASC picked up 465,000 mt of wheat at an average of $217.91/mt FOB and $232.36/mt CFR for January 1-15.

Egypt is the world's biggest wheat importer, buying around 12.5 million mt of wheat a year, with GASC's purchases amounting to around half of that volume, according to the USDA.

More details of GASC’s tender purchases can be found in the Agricensus Tender Dashboard.