On January 9, the Egyptian state operator GASC held an international tender for the purchase of wheat, where it purchased a significant batch of Russian grain at a slightly lower price than at previous auctions.
The following proposals were submitted to the tender:
- 15 lots of Russian wheat at a price of $265 /t FOB with payment in 180 days and $270/t FOB with payment in 270 days,
- 2 batches of French wheat at a price of $272/t FOB with payment 180 days and $277/t FOB with payment 270 days,
- 3 batches of Romanian wheat at the price of $263.5-267/t FOB with payment of 180 days and $269.5-274.83/t FOB with payment of 270 days,
- 1 batch of Ukrainian wheat from the Nibulon company at a price of $261/t FOB with payment of 180 days and $266/t FOB with payment of 270 days, which became the cheapest of the offers.
The offer price of Ukrainian wheat was $1.35/t lower than at the previous tender on December 28, which was canceled.
As a result, GASC purchased 420,000 t of food wheat for delivery 29 February – 11 March at an average price of $285.05/t C&F and payment 270 days after the opening of the letter of credit, as follows:
- 120,000 tons of Russian wheat each from Cereal Crops Trading and Grain Flower at a price of $265/t FOB Novorossiysk / NKHP + $20.75/t freight = $285.75/t C&F,
- 120,000 tons of Russian wheat from Aston Agro-Industrial SA at a price of $265/t FOB Caucasus + $20/t freight = $285/t C&F,
- 60,000 tons of Ukrainian wheat from the Nibulon company at a price of $264.95/t FOB Constanta + $17.4/t freight = $282.35/t C&F.
In total, in FY 2023/24 GASC purchased:
- 2.7 million tons of Russian wheat,
- 600 thousand tons of Romanian wheat,
- 160 thousand tons of Bulgarian wheat,
- 120 thousand tons of French wheat,
- 120 thousand tons of Ukrainian wheat,
- 480 thousand tons of wheat are produced in other countries.
Source: Graintrade