WASHINGTON- Egypt's main State wheat buyer is "moving aggressively" to replace 540,000 tonnes of wheat contracts canceled by Russia's ban on wheat exports, imposed due to massive drought, a US Agriculture Department attache in Cairo said later Thursday. The ban has created new opportunities for US sales to both the General Authority for Supply Commodities (GASC) and private importers, the attache said, noting the private sector has already bought 300,000 to 400,000 tonnes of US wheat, mainly hard red winter wheat. "Egypt's overall food security is not jeopardised by the Russian ban," the attache said, noting GASC has about 3 million tonnes of stocks, enough for four to five months worth of bread. But prices for GASC and private importers will increase, the attache said. "Both GASC and private sector importers will have to purchase non-Russian wheat at significantly higher prices than those prevailing even a week ago," the attache said. GASC bought 240,000 tonnes of French wheat at approximately $280/tonne FOB plus $30/tonne freight. That compares with a purchase GASC made a week ago of 180,000 tonnes from Russia at an average price of $239/tonne, CIF, the attache said. Attache reports are not official USDA data.
