Price jumps $22/mt over month as GASC books three wheat cargoes

23 Oct 2020 | Tom Houghton

Egypt’s state grain importer booked three cargoes of Russian milling wheat at a tender on Friday, paying $22/mt more than a month ago.

General Authority for Supply Commodities (GASC) paid an average $278.54/mt.

Having received 22 offers from traders over the two delivery windows, mainly from Russia as well as France and Ukraine, GASC eventually booked three cargoes totalling 165,000 mt.

The first 55,000 mt cargo was sold by LDC at $262.97/mt FOB for delivery December 1-10 with freight taking the total price to $277.87/mt CFR Egypt.

It paid $263.97/mt FOB to LDC and ADM for two additional 55,000 mt cargoes for December 11-20 delivery with similar freight taking the landed price to $278.87/mt CFR.

At its previous tender, which closed September 22, GASC bought 405,000 mt of Russian-origin wheat at an average price of $242.82/mt FOB and $256.48/mt CFR for delivery November 10-20.

Egypt, the world’s biggest wheat importer, will import around 13 million mt in the 2020/21 marketing year, according to USDA data, with GASC expected to account for around half that volume.

Details of previous GASC buying can be found on the Tender Dashboard.