Egyptian's State Agency Buys 420,000 Tons of Wheat in Tender

By David Hodari Features Dow Jones Newswires

Egypt's state grain buyer, the General Authority for Supply Commodities, bought 420,000 metric tons of wheat in its latest state tender, traders said late Tuesday.

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The deal, comprising of seven 60,000-ton cargoes of grain, is the latest in a spate of purchases made by GASC since mid-May. The purchase includes five shipments of Russian grain, one shipment of Romanian grain and one shipment of Ukrainian grain. Egypt is the world's largest importer of wheat.

Excluding shipping costs, the two Russian cargoes from GTCS cost $204.65 a ton. Russia's other cargoes cost $202.35 from ADM, $203.90 a ton from Louis Dreyfus, and $204.40 a ton from AOS.

The Romanian shipment cost $204.99 a ton from Cofco excluding shipping costs. The Ukrainian cargo cost $203.90 a ton and came from Louis Dreyfus.

Excluding shipping costs, the average price was $204.12 a ton. Including shipping costs, the average cost was $219.11 a metric ton. Delivery is scheduled for Sept. 1-10. The average price is slightly cheaper than last week's.

Egypt accepted seven of 14 offers put forward by trading firms in the tender. Of the rejected offers, three were for Russian wheat, two were Romanian, one was French and one was for American wheat.

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The price of wheat was last 0.58% up at $4.76 a bushel.

Write to David Hodari at david.hodari@wsj.com

(END) Dow Jones Newswires

July 26, 2017 05:07 ET (09:07 GMT)