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Egypt's GASC to return next month for Russian wheat: market sources

  • Author
  • James Colquhoun
  • Editor
  • Maurice Geller
  • Commodity
  • Agriculture

London — Egyptian state grain buyer GASC is expected to return next month with a wheat tender, sources said, as it makes its way through its current oversupply.

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Egypt currently has a stockpile of 1.3 million mt of wheat after its 14 tenders this marketing year starting July 1, according to sources.

But with a monthly consumption rate of 900,000 mt to 1 million mt, "GASC will [likely] return to the market in around two weeks," a source said.

GASC most recently booked 180,000 mt of Russian wheat on October 4 for December 1-10 delivery at an average $235.55/mt FOB or $253.24/mt CNF.

To date GASC has purchased around 3.4 million mt of wheat, down 7.5% on the year.

With Russian FOB prices under some pressure due to a limited number of buyers in the market, prices may remain steady or lower than the previous tender.

--James Colquhoun, james.colquhoun@spglobal.com

--Edited by Maurice Geller, maurice.geller@spglobal.com