Egypt's GASC takes 240k Russian, Romanian wheat at $269.83/mt CFR

The Egyptian state grain buyer booked 240,000 mt of Russian and Romanian milling wheat after concluding a buy tender, and paid $269.83/mt CFR and $238.38/mt FOB, an official note showed on Monday.

General Authority for Supply Commodities (GASC) booked 60,000 mt of Russian wheat from GTCS paying $240/mt FOB and $267.70/mt CFR.

The other three Romanian cargoes were secured by Viterra, CHS, and Ameropa at the same $237.84/mt FOB and $270.54/mt CFR.

All the volume was sought for shipment during September 1-15 dates with payment payment via a 180-day letter of credit.

It was the second tender issued for wheat after the agency announced a change to its tender process allowing traders to pitch offers with an accompanying freight element.

But today's was the first tender where a trading company, GTCS, showed an offer with linked freight, with the indication some $2.27/mt below the lowest rate offered by the shipping company.

At its previous tender, which closed on June 28, GASC booked 180,000 mt of Romanian milling wheat for August 25-September 5 shipment paying $242.93/mt FOB and $270.78/mt CFR.

Details of previous GASC buying can be found on the Tender Dashboard.