GASC buys non-Russian cargo for first time since December

GASC booked its first non-Russian cargo since mid-December as it returned to the market Friday and bought a total of 460,000 mt of wheat for March 12-22 delivery.

There were further signs that recent amendments to the tender process may be having a positive effect on the number of interested parties, with 11 cargoes offered from three origins – up from nine cargoes from two origins last week.

However, the price paid continues to rise, with the average cargo costing $222.08/mt CFR – up $2.63/mt from the previous tender on February 2.

The deal included 240,000 mt of Russian-origin wheat and 120,000 mt of Romanian wheat.

The Romanian wheat was sold by CHS and Cerealcom Dolj at $208.43/mt, while Russian wheat was sold by AOS, Daewoo, GTCS, and El Wehda at an average price of $207.73/mt FOB.

Russian wheat now accounts for around 75% of GASC’s 5.5 million mt of purchases this marketing year.