Egypt’s GASC splashes out with 600,000 mt wheat buying spree

Egypt’s state-backed importer has snaffled 600,000 mt of 12.5% milling wheat, after securing heavy discounts from traders in a huge buying spurt, trade sources have told Agricensus Monday.

Trade sources believe it could be the biggest single purchase of wheat ever, surpassing what was thought to be its biggest previous purchase of 540,000 mt of wheat back in 2008. 

The trades were concluded at an average price of $352.37/mt FOB, and $378.33/mt CFR, and were dominated by Russian and Romanian cargoes with four each and two Ukrainian stems.

The agency also secured heavy discounts between the first and final round of the tender with some traders conceding heavy discounts of up to $10.75/mt in the case of one of the winners, GTCS.

In detail, Louis Dreyfus and ADM both secured two cargoes each – Dreyfus showing the two Ukrainian stems at $352/mt basis Odessa, and ADM offering one Russian cargo ($352.27/mt FOB Novorossiysk) and one Romanian ($353.50/mt FOB Constanta).

On top of that, Solaris ($351.27/mt), Aston ($352.37/mt) and GTCS ($352.25/mt) all showed Russian volumes, with Al Dahra ($350.85/mt), Grain Export ($353.50/mt) and CHS ($353.50/mt) all offering Romanian.

For more information on recent Egyptian buying, please see our Tender Dashboard.