Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    SCZONE showcases investment opportunities to eight Japanese companies    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    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 seeks wheat as drought slashes Russian crop

CAIRO/CHICAGO: Egypt's main government wheat buyer issued an international wheat tender on Friday amid a severe drought in the Black Sea region, which has slashed production there and sent global prices soaring this month.
Wheat traders will be eagerly awaiting results of the tender, including information on origins and prices offered, to provide a glimpse into the minds of major sellers of wheat and the world's top importer.
Egypt's General Authority for Supply Commodities (GASC) said it wanted to buy cargoes of 60,000 tons of optional-origin wheat for shipment August 21-31.
Wheat bids should be free-on-board, with a separate freight offer.
Nomani Nomani, vice chairman of GASC, said he was seeking cargoes of US North Pacific soft white wheat, US hard red wheat, US soft red winter wheat, and/or Canadian soft wheat.
GASC was also seeking cargoes French milling wheat, Australian standard white wheat, Australian hard wheat, German milling wheat, Argentine bread wheat, Russian milling wheat, Kazakhstan milling wheat, Romanian wheat and/or UK milling wheat (ukp or uks variety).
The worst drought in decades in the Black Sea region has slashed wheat production in Ukraine, Kazakhstan and Russia, the region's top producer and exporter.
GASC has purchased at least one cargo of Russian wheat in each of its tenders going back to October 2009.
In its latest international purchase on July 20, GASC bought 120,000 tons of Russian wheat for shipment Aug 11-20.
Persistent speculation that Russia could curb exports helped to send global wheat prices soaring this month, despite a denial by the country that it was considering such a move.
US wheat futures posted a fresh 13-month high on Friday, closing July with the biggest monthly gains since 1959. Euronext November wheat futures rose 35 percent in July to the highest level for a lead contract since fall 2008.
Eye on offers
"I want to see how aggressively Russian wheat is offered or is not offered out in the market, and in what kind of volume. That will give us an insight into how comfortable they are," said Shawn McCambridge, analyst with Prudential Bache Commodities.
Traders said the Russian offers may be from either old-crop stocks or recently harvested supplies from southern Russia, where about a third of the crop is harvested.
French wheat could also be more competitive in the latest tender, thanks in part to GASC easing a restriction on one-port loading this week.
"We'll see how aggressive French suppliers want to be with the recent changes to the GASC terms on loading at two ports," McCambridge said.
GASC said this week that it would allow French wheat suppliers to use two ports in France to load cargoes, provided they cover freight costs, reversing a 2009 decision requiring that all cargoes load at a single port.
The one-port rule was meant to put all suppliers on equal footing, but it hampered French sales because suppliers could not use France's top grain port Rouen, which is too shallow to fully load 60,000 tons of grain.
Traders said some US hard red winter wheat may be offered at competitive prices on a free-on-board basis, but higher freight costs may again work against the world's top exporter.
Also, stringent GASC restrictions on the amount of foreign seeds could limit the number of US offers, traders said.
"To guarantee your wheat free of (ambrosia seeds) is very difficult and you're opening the door to a lot of risk. Risk that it could get rejected, or higher costs once it gets there," a US wheat trader said.


Clic here to read the story from its source.