The Egyptian GASC bought 35 thousand tons of sunflower oil at a tender, 2.8% cheaper than in November

On December 27, the state-owned Egyptian operator GASC held a tender for the purchase of 30,000 tons of soybean and 10,000 tons of sunflower oil with delivery on February 14-29 and/or March 1-15 with payment on presentation or a 270-day letter of credit.

The number of bids for the supply of sunflower oil increased compared to the November 2 auction from 8 to 12, and the price decreased from $963-1000 to $950-990/t C&F with immediate payment and $1040-1300/t C&F with deferred payment for 270 days.

Soybean oil orders fell from 15 to 14, and the price fell from $1,065-$1,075 to $969-$1,025/t C&F with immediate payment and $1,000-$1,350/t C&F with a 270-day delay.

It is worth noting that the number of offers of sunflower oil increased significantly, but the prices of soybean oil decreased.

The cheapest batch of soybean oil was offered by ADM at a price of $969/t C&F, and sunflower oil was offered by Aston at a price of $950/t C&F.

As a result, GASC purchased the cheapest lots of sunflower oil offered (17,000 tons for delivery on February 14-29 and 18,000 tons for delivery on March 1-15) at a price of $905/t C&F, which is 2.8% lower than at the auction November 2, where the price was $1,330/t C&F.