Egypt’s GASC buys 44k of soyoil, 19k of sunoil for Oct-Nov delivery

Egypt’s state buyer GASC bought a further 63,000 mt of edible oils as it successfully closed two buy tenders on Thursday as vegoil prices continued to fall.

GASC locked in 19,000 mt of overseas sunoil at $1,240/mt CFR Egypt, on payment at sight basis from international trader Viterra, and a full $93/mt below prices in a tender that closed August 19.

The price correction came as Ukrainian sunoil prices drop to their lowest level over the past month and a half due to higher sunflower crop and a sharp correction in CBOT soyoil futures.

At the same time, GASC bought 10,000 mt of overseas soyoil at $1,310/mt CFR Egypt, on a payment at sight basis from Belluno.

The agreed price was some $126/mt below the prices of an international tender agreed at the end of June.

Finally, GASC also bought 34,000 mt of locally supplied soyoil split between Watanya, C3M, and Maged at EGP20,550/mt ($1,303.93/mt) CFR Egypt.

All oils are for delivery between October 20 and November 5.

Details of GASC’s buying can be found on the Agricensus Tender Dashboard.