Egypt’s GASC buys 100k mt of vegoils at tender as prices slump

Egypt's state buyer GASC has bought 60,000 mt of soyoil and 40,000 mt of sunoil at an international tender that closed Tuesday, market sources have told Agricensus.

The volume is the largest bought on a single day since last October and comes as international prices have slumped.

GASC snapped up one 30,000 mt cargo of sunoil from Cofco and a second one of 10,000 mt from ADM, both at a price of $1,368/mt CFR Egypt, on a 180-day payment term basis.

That price is sharply lower than the $1,590/mt CFR that GASC paid last month as origin prices in the Black Sea have corrected lower following a slump in demand, with pricing continuing to cool after hitting a record high earlier this year.

At the same time, the state buyer bought two 30,000 mt parcels, one from ADM and one from Cargill, of soybean oil at $1,299/mt CFR Egypt, on a 180-day payment term basis.

While that price is up from the $1,263/mt CFR GASC paid in April when it bought overseas soyoil last, it is below the EGP21,200/mt ($1,348.60/mt) CFR it paid in a local tender last May.

All cargoes are for delivery between August 1-20.

GASC also ran a local tender but did not buy any volumes.

Full details of GASC’s buying can be found on the Agricensus Tenders Dashboard.