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Egypt's GASC buys 815,000 tonnes of wheat in tender.
Jun 30, 2022

Egypt's state grains buyer, the General Authority for Supply Commodities (GASC), bought 815,000 tonnes of mainly French wheat in a tender, marking its biggest single purchase in years as prices slightly ease.

The purchase comprised 350,000 tonnes of French wheat, 240,000 tonnes of Romanian wheat, 175,000 tonnes of Russian wheat and 50,000 tonnes of Bulgarian wheat, GASC said.

The amount will be shipped in August, September and October 2022.

The lowest cost and freight offer was for Romanian wheat at $429.90 a tonne, traders said, a 10% drop from the lowest offer purchased in GASC's last tender in June but still a 58% rise from a Romanian purchase made around the same period last year.

The purchase comes days after Egypt's supply minister said that the government is looking for ways to trim its imports by raising the extraction percentage for flour used for subsidised bread to 87.5% from 82% and even using potatoes in bread making.

Egypt aims to save around 500,000 tonnes of imported wheat, targeting 5-5.5 million tonnes of imported wheat for the 2022/23 fiscal year, he added.

Earlier on Wednesday, the World Bank said it agreed to provide Egypt with $500 million to help finance its wheat purchases.

Egypt relies mainly on imported wheat to make heavily subsidised bread available to more than 70 million of its 103 million population.

Wednesday's tender also included Russian shipments from the port Kavkaz after the state buyer made amendments to its tenderbook to allow all Russian ports to participate.

Traders previously said that approving Kavkaz could mean more competitive shipping offers.

The buyer also allowed 50,000 tonne cargoes instead of the usual 55,000 and 60,000.

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