Lowest FOB offer at Egypt wheat tender at $250/T -traders

The lowest free-on-board offer presented at an Egyptian state purchasing tender for wheat on Tuesday was $250 a metric ton, traders said.

Several offers were submitted at that price point.

Egypt’s state grains buyer, the General Authority for Supply Commodities, is seeking wheat in an international tender for shipment Jan. 5-15 and/or Jan. 16-25 and/or Jan. 26-Feb. 4.

It asked suppliers to submit offers on a free-on-board (FOB)basis and for both at sight payment and via 270-day letters of credit and GASC will choose between them. The deadline for offers is Tuesday, with results expected to be announced later in the day.

“$250 FOB is the current Russian state minimum export price for this shipment period,” one trader said.

The Russian government is believed to be imposing an unofficial export price floor on traders to brake wheat exports and cool domestic Russian flour prices. The price has not been officially announced and changes regularly.
Source: Reuters (Reporting by Sarah El Safty and Michael Hogan, Editing by David Goodman, KIrsten Donovan)