Egyptian GASC Buys 180,000 Tons of Wheat in Tender

By David Hodari

LONDON--Egypt's state grain buyer, the General Authority for Supply Commodities, bought 180,000 metric tons of Russian and Romanian wheat late Wednesday after tendering the previous day, traders said.

The deal comprises three 60,000-ton cargos of wheat.

Two of the 60,000-ton cargos bought by GASC came from trading house Archer Daniels Midland -- one Russian and one Romanian -- for $242 and $241.26 a metric ton excluding shipping fees respectively. The remaining cargo consisted of Russian grain and came from trading house AST Agro at $242.80 a ton excluding shipping fees.

The average price of the three accepted cargos was $242.02 a ton, rising to $257.96 a ton when including shipping fees.

Egypt accepted three of at least eight offers submitted by trading firms in the tender, and the average price of those offers without shipping fees was $245.57 a ton, rising to $263.29 a ton including shipping fees.

In addition to the cargos that the GASC accepted, there were four more offers of Russian grain and one offer of U.S. wheat.

Shipment is scheduled for between Feb. 1 and Feb. 10, according to the traders.

U.S. wheat was last up 0.82% at $5.31 a bushel and European milling wheat was up 0.48% at EUR207.25 a ton.

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

(END) Dow Jones Newswires

December 13, 2018 06:41 ET (11:41 GMT)

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