GASC pays less as it books five Russian, Ukrainian wheat cargoes

Egypt’s state grain monopoly (GASC) booked Russian and Ukrainian milling wheat cargoes at a tender on Thursday, paying less than it did a week ago for five cargoes to be delivered from September 15-30, brokers said.

GASC booked a total 295,000 mt at an average $201.07/mt FOB and $217.84/mt CFR, paying slightly less than at its previous outing to sellers including ADM, Hakan Agro, Louis Dreyfus, and Solaris.

Thursday’s tender comes in the same week as global wheat markets have been on the slide, with benchmark Chicago futures contract falling 4% since Monday in sympathy with collapsing corn prices.

Egypt is the world’s biggest wheat importer and is expected to buy 12.5 million mt in 2019/20 marketing year, according to USDA forecasts.

Full details of GASC’s previous buying is available on the Agricensus Tenders Dashboard.