Egypt's GASC buys 120,000 tonnes of Russian wheat

Egypt’s GASC buys 120,000 tonnes of Russian wheat

Egypt, the world's biggest wheat importer, has bought 120,000 tonnes of Russian wheat for Sept. 10-20 shipment on a free on board basis, the main government wheat buyer said on Saturday.

August 12, 2012 10:04 by Reuters

Egypt, the world’s biggest wheat importer, has bought 120,000 tonnes of Russian wheat for Sept. 10-20 shipment on a free on board basis, the main government wheat buyer said on Saturday.

Nomani Nomani, Vice Chairman of the General Authority for Supply Commodities (GASC), gave the following breakdown of the purchases:

– 60,000 tonnes of Russian wheat from Glencore at $316.47/tonne with freight costs of $10.90 per tonne

– 60,000 tonnes of Russian wheat from Soyuz at $316.47/tonne with freight costs of $10.73 per tonne

This is GASC’s first international wheat purchase since the start of the 2012/13 fiscal year which began on July 1. Its last international wheat purchase was on April 5, when GASC bought 115,000 tonnes of U.S. soft red winter wheat for May 21-31 shipment.

During the 2011/12 fiscal year, GASC’s purchases were dominated by Black Sea origin wheat.

GASC purchased 3.24 million tonnes of Russian wheat, 180,000 tonnes of Romanian wheat, 360,000 tonnes of Ukrainian wheat, 60,000 tonnes of Russian, Ukraine or Kazakh wheat at the seller’s option and 60,000 tonnes of Russian or Kazakh wheat at the seller’s option during the 2011/12 fiscal year.

It also bought 300,000 tonnes of French wheat and 300,000 tonnes of Argentine wheat as well as 530,000 tonnes of U.S. soft red winter wheat and 60,000 tonnes of Canadian wheat.

BIDS Traders said the following bids were made in tonnes with dollar price per tonne on a FOB basis unless otherwise stated:

* Alexgrain 55,000 soft red winter $310.99 fob East Coast * Aston 60,000 Russian $323.94 + $12.98 frt. * Soyuz 60,000 Russian $319.89 fob novo * Ameropa 60,000 Romanian $324.24 fob constanza * Solaris 60,000 Russian $337.33 fob novo * Bunge 60,000 Russian $320.00 and 55,000 Ukrainian $318.00 Nikolaev. * Glencore 60,000 Russian $316.47 * Nidera 60,000 Russian $326.95 and 60,000 Romanian $331.95 * Louis Dreyfus 60,000 Russian $329.74 and 60,000 soft red winter $355.00 fob * Venus 60,000 Russian $321.00. * Alegrow 60,000 Russian $333.00 novo * Cargill 60,000 Russian $325.90 novo and 60,000 French $334.38 and 60,000 soft red winter $355.58 fob Miss. river. * Toepfer 60,000 Russian $339.92 fob novo.

(Reporting by Shaimaa Fayed in Cairo; Additional reporting by Valerie Parent in Paris; Editing by Jon Loades-Carter)