Egyptian's State Agency Buys 420,000 Tons of Wheat in Tender
July 26 2017 - 5:22AM
Dow Jones News
By David Hodari
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.
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.
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)
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