Egyptian GASC purchased in the tender 345 thousand tons of wheat of the new harvest
Egyptian grain operator GASC yesterday held a tender for the purchase of wheat of the new harvest, which was the first powerful indicator of prices for new crop and confirmed an increase in supply of wheat in the new season.
To participate in the auction of 15 companies introduced the 19 proposals supplies Romanian, Ukrainian and Russian wheat total volume of 1.12 million tonnes at a price of 234 to 243 $/t FOB.
bid Prices of Romanian wheat at the level of 235,65-243 $/MT FOB was the highest, but sellers refused to lower them to the level of prices Ukrainian or Russian wheat.
In the end, GASC bought 345 thousand tons of wheat for delivery in August at an average price of 233,65 $/t FOB or 252,10 $/t C&F, in particular:
- 290 thousand tons of Russian wheat at a price 233-234 $/t FOB or 251-252,75$/t C&F
- 55 thousand tons of Ukrainian wheat at a price 232,9 $/t FOB or 252,15$/t C&F.
In the new season of competition between European and Russian wheat will increase significantly, since Romania and Bulgaria will restore the volume of production after last year's fall and increase supply in the markets of Turkey and Egypt, where usually dominates Russian and Ukrainian wheat.