Price up $9/mt as GASC books 405k mt wheat from Russia

22 Sep 2020 | Tom Houghton

Egypt’s state grain importer bought seven cargoes of Russian-origin wheat at a tender that closed Tuesday, booking a total of 405,000 mt for November delivery for $9/mt more at origin than it paid a week ago.

General Authority for Supply Commodities (GASC) paid an average of $242.82/mt FOB and $256.48/mt CFR for the cargoes for delivery November 10-20.

Sellers included Agro AST, Cargill, Glencore, Grainexport, GTCS, and Hakan Agro.

Payment for both windows is to be via a 180-day letter of credit.

At its previous tender on September 16, GASC bought a total 235,000 mt of Russian and Polish wheat at an average of $233.80/mt FOB and $249.35/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.