Egypt’s GASC buys 120,000 tons of Russian wheat via direct talks -reports

Egypt’s state grains buyer GASC has reportedly bought 120,000 tons of Russian wheat via direct talks with suppliers, traders told Reuters on Thursday.

The traders said that GASC held private talks on Wednesday with at least 3 suppliers, while Solaris trading company expected to deliver the shipment for $340 per ton.

Moreover, the wheat shipment is expected to be delivered between November 10 to 30 and it may be divided on two 60,000-ton cargoes or four 30,000-ton cargoes.

The shipment considers Egypt’s second Russian wheat purchase in a little over a week, while GASC has purchased about 240,000 tons of $368 per ton.

Egypt has not offered international purchase tenders since it cancelled a tender in mid-July, opting instead to buy about 1.5 million tons of wheat through direct private talks with international companies.

Global markets have recently been weighed down by fears of recession, dragging down stocks and commodities.