Egypt's sugar plant, the biggest in the world, to produce 900,000 tons    Egypt's unemployment rate drops to 7.2%    Egypt's exports of food industries increase 5% in Q1    Egypt-first to have new climate targets ahead of UN summit    Egypt uncovers official logo for COP27    Ukrainian people say goodbye to Leonid Kravchuk – first elected president    Noura Al-Mutair – first Gulf female boxer in World Championships    Egypt unveils 50 pound coin minted to mark Avenue of Sphinxes grand reopening    Canada's Robert Oliphant starts Egypt, Morocco visit today    Liverpool fans: "You'll Never Walk Alone" to Cristiano Ronaldo    Hot, rainy weather hits Egypt this week    COVID-19 in Egypt: infections fall to 124 cases last week    Realme announces Global Photography Contest 2022    Egypt to play key role in integrating water, climate issues globally – World Bank official    AstraZeneca to boost Egypt investment 50% in three years    Egypt's telecoms regulator announces working hours for holy month of Ramadan    Maha karara joins AAIB as Head of Corporate Communications, Sustainability    Egypt works on charting cooperation strategies with international institutions for 5 years: Al-Mashat    Over 2.4 million newborns examined for hearing impairment: Health Ministry    Netflix releases trailer of Arab adaption of 'Perfect Strangers' film    Balqees to headline concert celebrating launch of streaming giant LIVENow in MENA    Sawsan Badr to be honoured at Aswan Women Film Festival    MP Abdel Hady Al-Qasby calls government to facilitate and support NGOs    Al-Sisi follows up on 'Great Transfiguration Project' in St. Catherine    Cairo, London stress need to strengthen cooperation to face climate change    Foreigners account for 22.6% of Egypt's T-bills issuances in 1H 2021: CBE    Egypt's ambassador to Italy passes away    Egypt confirms readiness to help African countries face terrorism and extremism    An estimated 235 million people needed humanitarian assistance and protection in 2021, an increase of 40% compared to 2020: IOM Egypt    Egypt, DRC discuss water cooperation during WYF    Egypt, DR Congo discuss boosting bilateral cooperation during WYF    Cameroonian police probe assault on three Algerian journalists covering AFCON    Pharaohs start AFCON 2021 campaign with fierce clash against Nigeria    Foreign Ministry opens capacity building course for French-speaking African diplomats    Egypt's trade with Nile basin countries climbs 26% y-o-y in 9 months    Ethiopia halts work at its embassy in Egypt for 'economic reasons'    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.