Egypt's GASC says buys 120,000 tonnes French wheat

Wednesday 01-10-2014 06:00 PM
Egypt's GASC says buys 120,000 tonnes French wheat

Wheat is seen in Toukh, El-Kalubia governorate, about 25 km (16 miles) northeast of Cairo, April 12, 2013.REUTERS/Amr Abdallah Dalsh

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ABU DHABI, Oct 1 (Reuters) - Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), said on Wednesday it had bought 120,000 tonnes of French wheat in a tender for shipment Nov. 1-10.

Of the total, GASC bought 60,000 tonnes from Louis Dreyfus and 60,000 tonnes from Soufflet, GASC Vice Chairman Mamdouh Abdel Fattah said.

GASC said it bought the wheat at $241.20 a tonne, cost and freight.

Traders said the free-on-board price was $223.70 a tonne and freight was $17.50 a tonne.

Egypt has bought 1.54 million tonnes of wheat on the international market since July 1, the start of the fiscal year.

The supply ministry has said its stocks had increased to six months' worth, to last until the end of 2014.

Egypt purchased 5.46 million tonnes of wheat from abroad in the 2013-2014 fiscal year in addition to 3.7 million tonnes of local wheat.

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