Last Updated: Fri Sep 14, 2012 11:41 am (KSA) 08:41 am (GMT)

Egypt’s GASC buys 235,000 T Russian, French, Ukrainian wheat

Egypt has bought 235,000 tons of Russian, French and Ukrainian wheat for Nov. 21-30 shipment.  (Reuters)
Egypt has bought 235,000 tons of Russian, French and Ukrainian wheat for Nov. 21-30 shipment. (Reuters)

Egypt, the world’s largest wheat importer, has bought 235,000 tons of Russian, French and Ukrainian wheat for Nov. 21-30 shipment on a free on board basis, the main government wheat buyer said on Thursday.

GASC had initially said it had bought 120,000 tons but then revised its figures to clarify it had bought a total of 235,000 tones.

Nomani Nomani, Vice Chairman of the General Authority for Supply Commodities (GASC), gave the following breakdown of the purchases: --60,000 tones of Russian wheat from Glencore at $350.11/tone with freight costs of $10.85 per tone --60,000 tones of Russian wheat from Aston at $350.25/tone with freight costs of $10.85 per tone --60,000 tones of French wheat from Invivo at $347/tone with freight costs of $13.90 per tone --55,000 tones of Ukrainian wheat from Venus at $345.43/tone with freight costs of $15.67 per tone.

It was GASC’s seventh international wheat tender in a month and its second this week.

GASC bought more than 1 million tones in the past two weeks alone in a scramble for supplies amid concerns that drought-hit Black Sea nations such as Ukraine and Russia, Egypt’s top supplier, may have little to offer later this year.

Growing worries about dry weather reducing wheat output in Australia, the world’s No. 2 exporter, have only added to concerns among import-dependent nations about shrinking global supplies.
During the 2011/12 fiscal year, GASC’s purchases were dominated by Black Sea origin wheat.

GASC purchased 3.24 million tones of Russian wheat, 180,000 tones of Romanian wheat, 360,000 tones of Ukrainian wheat, 60,000 tones of Russian, Ukraine or Kazakh wheat at the seller’s option and 60,000 tones of Russian or Kazakh wheat at the seller’s option during the 2011/12 fiscal year.

It also bought 300,000 tones of French wheat and 300,000 tones of Argentine wheat as well as 530,000 tones of U.S. soft red winter wheat and 60,000 tones of Canadian wheat.

Bids

Traders said the following bids were made in tones with dollar price per tone on a FOB basis unless otherwise stated: * Cargill 60,000 French at $352.58 two ports and/or U.S. soft red winter at $360.29 Mississippi * Toepfer 60,000 French at $349.93 one port * Louis Dreyfus 60,000 French at $352.77 one port and/or Canadian at $361.24 * Noble 60,000 French at $350.90 one port * Soufflet 60,000 French at $351.74 two ports * Bunge 60,000 French at $350.58 two ports * Nidera 60,000 French at $354.96 one port * Invivo 60,000 French at $348.64 from one port and/or 60,000 French at $351.49 two ports * Glencore 60,000 Russian at $353 and 60,000 French at $353.49 one port * Venus 55,000 Ukrainian at $348 Nikolaev * Aston 60,000 Russian at $350.25 one port * Ameropa 30,000 Romanian/30,000 Serbian at $349.88 * Granit 60,000 French at $354.99 one port

Freigh bids

Traders also said the following freight (ocean shipping) bids were made in the tender in dollars a tone: * Russia: $10.85 Aston, $10.99 Egy Bulk. * Ukraine: $14.92 NNC, Venus $15.67. * France 1 port: $13.90 NNC, $14.20 NNC, $14.97 Sadat, $15.00 Egy Bulk. France 2 ports: NNC $15.80, $16.10. * US Gulf: $25.45 sadat. * Canada: $26.50 Mina.

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