Wheat prices slip as GASC buys six cargoes from Romania, Russia

Wheat prices continued to slide on an origin and destination basis as Egypt’s state grain importer returned to the market on Tuesday and secured 360,000 mt of Romanian and Russian wheat at tender for March delivery.

General Authority for Supply Commodities (GASC) booked a total of six cargoes, with 180,000 mt set to load out of Romania and another 180,000 mt loading from Russia for March 21-31.

It is to pay an average $227.75/mt FOB and $239.43/mt CFR to sellers that include Ameropa, Aston, and Solaris.

At its previous tender on January 30, GASC bought 180,000 mt of French wheat from Glencore and paid $231.10/mt FOB Dunkirk and $246.10/mt CFR for the March 11-25 loading cargoes.

Egypt is the biggest wheat buyer in the world, importing around 12.5 million mt of the grain a year, with GASC's purchases accounting for around half of that volume, according to the USDA.

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