Oil partially recovers losses in early Thursday trade    Yen surges against dollar on intervention rumours    $17.7bn drop in banking sector's net foreign assets deficit during March 2024: CBE    EU pledges €7.4bn to back Egypt's green economy initiatives    Egypt's CBE issues EGP 5b zero coupon t-bonds    Norway's Scatec explores 5 new renewable energy projects in Egypt    Egypt, France emphasize ceasefire in Gaza, two-state solution    Apple faces pressure as iPhone sales slide    Mexico selective tariffs hit $48b of imports    Microsoft plans to build data centre in Thailand    Japanese Ambassador presents Certificate of Appreciation to renowned Opera singer Reda El-Wakil    WFP, EU collaborate to empower refugees, host communities in Egypt    Health Minister, Johnson & Johnson explore collaborative opportunities at Qatar Goals 2024    Egypt facilitates ceasefire talks between Hamas, Israel    Al-Sisi, Emir of Kuwait discuss bilateral ties, Gaza takes centre stage    AstraZeneca, Ministry of Health launch early detection and treatment campaign against liver cancer    Sweilam highlights Egypt's water needs, cooperation efforts during Baghdad Conference    AstraZeneca injects $50m in Egypt over four years    Egypt, AstraZeneca sign liver cancer MoU    Swiss freeze on Russian assets dwindles to $6.36b in '23    Amir Karara reflects on 'Beit Al-Rifai' success, aspires for future collaborations    Climate change risks 70% of global workforce – ILO    Prime Minister Madbouly reviews cooperation with South Sudan    Ramses II statue head returns to Egypt after repatriation from Switzerland    Egypt retains top spot in CFA's MENA Research Challenge    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt's GASC Buys 235,000 T Ukrainian, Russian, French Wheat
Published in Amwal Al Ghad on 11 - 09 - 2012

Egypt, the world's largest wheat importer, has bought 235,000 tonnes of Ukrainian, Russian and French wheat for Nov 11-20 shipment on a free on board bases, the main government wheat buyer said on Tuesday.
Nomani Nomani, Vice Chairman of the General Authority for Supply Commodities (GASC), gave the following breakdown of the purchases: -- 55,000 tonnes of Ukrainian wheat from Venus at $337/tonne with freight costs of $15.20 per tonne -- 60,000 tonnes of Russian wheat from Glencore at $343.89/tonne with freight costs of $11.49 per tonne -- 60,000 tonnes of French wheat from Louis Dreyfus at $347.25/tonne with freight costs of $15.65 -- 60,000 tonnes of French wheat from Granit at $347.25/tonne with freight costs of $15.65
It was GASC's sixth international wheat purchase since the July 1 start of the 2012/2013 fiscal year in what traders say are moves to secure supplies in case drought-hit Russia imposes any export restrictions.
GASC made an unusually large purchase - 475,000 tonnes - at a single tender last week, mostly from Russia, whose government has said it would not restrict exports, even if its exportable surplus is exhausted. Many traders believe some sort of export curbs are likely beginning as early as October or November.
Rising Russian wheat prices have nearly depleted its competitive edge in the world wheat market. Some traders have said before today's tender results were announced that this could prompt GASC to start buying European or U.S. wheat soon.
"The Egyptian tender is illustrating a radical change in global grains markets, with concerns about Russian wheat exports starting to reduce the presence of Russian wheat in the market even though no export restrictions have actually been announced," a German trader said.
"Russian wheat dominated the Egyptian purchases in the first round of Egyptian tenders this summer with hardly any offers of French or western EU wheat," the trader said. "Now, because of concerns about Russian export restrictions hardly any Russian wheat is being offered to Egypt and French is dominating."
During the 2011/12 fiscal year, GASC's purchases were dominated by Black Sea origin wheat.
GASC purchased 3.24 million tonnes of Russian wheat, 180,000 tonnes of Romanian wheat, 360,000 tonnes of Ukrainian wheat, 60,000 tonnes of Russian, Ukraine or Kazakh wheat at the seller's option and 60,000 tonnes of Russian or Kazakh wheat at the seller's option during the 2011/12 fiscal year.
It also bought 300,000 tonnes of French wheat and 300,000 tonnes of Argentine wheat as well as 530,000 tonnes of U.S. soft red winter wheat and 60,000 tonnes of Canadian wheat.
BIDS
Traders said the following bids were made in tonnes with dollar price per tonne on a FOB basis unless otherwise stated: * Nidera 60,000 French at $354.95 1 load port La Pallice. * Toepfer 60,000 Romanian/Bulgarian at $347.89 fob Constanza. And 60,000 French at $49.45 14 moisture level 1 load port Dunkirk. * Cargill 60,000 French at $344.89 basis WS moisture level, 2 load ports Rouen/La Pall. * Noble 60,000 French at $349.90 1 load port 14 moisture level. * Dreyfus 60,000 French at $347.77 1 load port gasc specs. * Soufflet 60,000 French at $344.74 basis 2 load ports 14 moisture level. * Bunge 60,000 French at $348.95 2 load ports gasc specs. * Ameropa 30,000 Romanian/30,000 Serbian at $347.88 fob Constanza. * Invivo 60,000 French at $348.94 1 load port. * Glencore 60,000 Russian at $343.89 and 60,000 French at $353.94 1 load port or 60,000 at $348.49 14 moisture level. * Granit 60,000 French at $347.90 gasc specs 1 load port. * Venus 55,000 Ukraine at $338.00 Fob Nilolaev and 60,000 soft red winter at $355.00 fob USG ulf and 60,000 French at $349.84 gasc specs. FREIGHT BIDS Traders also said the following freight (ocean shipping) bids were made in the tender in dollars a tonne: *Ukraine: Venus $14.50 Constanza, Sadat $12.39 Odessa, Sadat $13.19 Yuzhny *France: Mina $15.75, Venus $15.75, Mina $15.99, EgyBulk $15.99 *Russia: Sadat $11.49 *US Gulf: Sadat $25.23
Reuters


Clic here to read the story from its source.