Egypt's GASC buys 240,000 T French wheat, 60,000 T Russian wheat

Saturday 20-12-2014 07:25 PM
Egypt's GASC buys 240,000 T French wheat, 60,000 T Russian wheat

Farmers check grain seeds as they harvest wheat crop in 6 October village in the Nile Delta province of Al-Baheira, northwest of Cairo May 22, 2014. REUTERS/Asmaa Waguih

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By Maha El Dahan

ABU DHABI, Dec 20 (Reuters) - Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), said on Saturday it had bought 300,000 tonnes of wheat from France and Russia in a tender for shipment on Jan. 21-31.

Egypt, the world's biggest importer of wheat, bought 240,000 tonnes of French wheat and 60,000 tonnes of Russian wheat, Mamdouh Abdel Fattah, GASC vice chairman said.

Of the total, GASC bought 60,000 tonnes of French wheat from Granit, 60,000 tonnes of French wheat from Glencore, 60,000 tonnes of French wheat from Lecureur and 60,000 tonnes of French wheat from Cargill.

GASC also bought 60,000 tonnes of Russian wheat from Union Company.

The wheat was purchased at an average price of $273.94 a tonne on a cost and freight basis,Abdel Fattah said.

Traders gave the following breakdown of the purchase:

-60,000 tonnes of French wheat from Granit at $258.69 a tonne free on board (fob) and $16.30 a tonne freight from National Navigation Company

-60,000 tonnes of French wheat from Glencore at $258.69 a tonne fob and $14.95 a tonne freight from Glencore

-60,000 tonnes of French wheat from Cargill at $258.30 a tonne fob and $14.32 a tonne freight from Mina Egypt

-60,000 tonnes of French wheat from Lecureur at $258.30 a tonne fob and $15.15 a tonne freight from Mina Dubai

-60,000 tonnes of Russian wheat from Union Co. At $263.60 a tonne fob and $11.43 a tonne freight from National Navigation

Egypt has bought 2.905 million tonnes of wheat on the international market since July 1, the start of the fiscal year.

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

Supply Minister Khaled Hanafi has said Egypt aims to cut state imports of wheat in the next year to between 4 million and 4.5 million tonnes.

OFFERS

Traders said the following offers were presented, in dollars a tonne, on a free-on-board basis, unless otherwise stated:

*Cargill: 60,000 tonnes French wheat at $259.50 a tonne

*Soufflet: 60,000 tonnes French wheat at $262.94 a tonne

*Ameropa: 60,000 tonnes Romanian wheat at $272.27 a tonne

*Nidera: 60,000 tonnes Romanian wheat at $268.50 a tonne, 60,000 tonnes French wheat at $263.50 a tonne

*Granit: 60,000 tonnes French wheat at $258.69 a tonne

*Louis Dreyfus: 55,000 tonnes U.S. soft red wheat at $287.39 a tonne

*Glencore: 60,000 tonnes French wheat at $259.30 a tonne

*Union: 60,000 tonnes Russian wheat at $264 a tonne, 55,000 tonnes Ukraine wheat at $262 a tonne

*Bunge: 60,000 tonnes French wheat at $262.50 a tonne

*Lecureur: 60,000 tonnes French wheat at $259.50 a tonne

FREIGHT

Traders also said the following freight (ocean shipping offers) were made in the tender, in dollars per tonne:

Romania

*Ameropa: $10.01

*Mina Egypt: $8.97

France

*National Navigation: $16.40

*Glencore: $14.95

*Mina Egypt: $14.32

*Mina Cuba: $15.45

Russia

*National Navigation: $11.48

*Union: $10.50

Ukraine:

*Mina Dubai: $13.05 

U.S. Gulf

*Mina Egypt: $25.38

(Reporting By Maha El Dahan; additional reporting by Lin Noueihed in Cairo, Valerie Parent in Paris and Michael Hogan in Hamburg; Editing by Elaine Hardcastle)

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