Egypt’s GASC believed to have bought 55,000 tonnes of Russian wheat -traders
Egypt’s General Authority for Supply Commodities (GASC) is believed to have bought around 55,000 tonnes of Russian wheat in an international tender, traders said.
GASC did not make an official announcement of the purchase.
Traders gave the following breakdown of the purchase:
AGRIC SA: 55,000 tonnes of Russian wheat at $229 FOB + $15.50 freight= $244.50
Traders believed there was a lack of communication about the unofficial Russian export prices and that the lowest bidder may have sought to withdraw the offer.
However, traders believe that longstanding policy is that offers cannot be withdrawn once submitted and penalty payments can be demanded.
GASC was seeking wheat for shipment July 21-31, 2023. It asked suppliers to submit offers on a free-on-board basis, with payment to be made at sight using funding from the International Islamic Trade Finance Corporation (ITFC).
Source: Reuters (Reporting by Sarah El Safty and Michael Hogan Editing by Chris Reese and David Gregorio)