Price jumps $22/mt over month as GASC books three wheat cargoes

Egypt’s state grain importer booked three cargoes of Russian milling wheat at a tender on Friday, paying $22/mt more...

Egypt’s state grain importer booked three cargoes of Russian milling wheat at a tender on Friday, paying $22/mt more than a month ago.

General Authority for Supply Commodities (GASC) paid an average $278.54/mt.

Having received 22 offers from traders over the two delivery windows, mainly from Russia as well as France and Ukraine, GASC eventually booked three cargoes totalling 165,000 mt.

The first 55,000 mt cargo was sold by LDC at $262.97/mt FOB for delivery December 1-10 with freight taking the total price to $277.87/mt CFR Egypt.

It paid $263.97/mt FOB to LDC and ADM for two additional 55,000 mt cargoes for December 11-20 delivery with similar freight taking the landed price to $278.87/mt CFR.

At its previous tender, which closed September 22, GASC bought 405,000 mt of Russian-origin wheat at an average price of $242.82/mt FOB and $256.48/mt CFR for delivery November 10-20.

Egypt, the world’s biggest wheat importer, will import around 13 million mt in the 2020/21 marketing year, according to USDA data, with GASC expected to account for around half that volume.

Details of previous GASC buying can be found on the Tender Dashboard.

What to read next
In the 2023/24 marketing year, Russian wheat exports surpassed 55.4 million tonnes, driven by increased harvests and competitive prices, although restrained by government-mandated floor prices and shifting dynamics among exporters.
The start of the Black Sea region’s new wheat marketing year from Monday, July 1 offers an opportunity to look back on the previous marketing year and to focus on Ukraine’s experience and the effect that the self-declared humanitarian corridor has had on the country’s agricultural exports.
US corn futures dropped for a sixth consecutive trading day on Wednesday June 26 while rain continued to fall in growing areas of the Midwest, with market participants positioning before a USDA acreage report to be released on Friday.
Updated forecast by trade association Cocereal pegs 2024 wheat crop slightly higher than previous projections
A report by the USDA forecasts an increase in US ending stocks for 2024/25 to 769 million bushels, alongside a slight decrease in global stockpile estimates.
The Ukrainian Grain Association estimated the 2024/25 crop of oilseeds and grains in Ukraine at 74.6 million tonnes, down by 2% from the initial forecast of 76.1 million tonnes in March.