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Egypt seeks wheat after Russia's drought
Published in The Egyptian Gazette on 31 - 07 - 2010

CAIRO- 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 tonnes of optional-origin wheat for shipment August 21-31.
Tenders should reach by noon local time (0900 GMT) on Saturday and the results should come out around (1330 GMT) on the same day, GASC said. 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 tonnes 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 per cent in July to the highest level for a lead contract since fall 2008.


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