GASC back for wheat as Russian export ban lurks

Egyptian state grain buyer GASC was back in the market Wednesday night, tendering for wheat as the threat of a Russian export ban continued to hang over the market.

GASC, which would typically tender once a week, has been out of the market since September 18, when it paid $225.96/mt FOB for seven cargoes from its biggest supplier, Russia, and one from Ukraine.

Since then, Russian cash prices have remained stubbornly high despite a lack of new demand and falling global futures, with the latest threat of an export ban likely to pile further upwards pressure onto the market.

While Russian authorities have denied they intend to put a full export ban in place, the market remains sceptical and is watching for cues as to what will happen next.

GASC is looking to buy milling wheat for delivery December 1-10, with the tender set to close Thursday evening.

Details of GASC’s previous buying can be found on the Tenders Dashboard.