Egypt’s GASC Says Buys 120,000 T Russian, French Wheat

Egypt’s state grain buyer, the General Authority for Supply Commodities (GASC), bought 120,000 tonnes of French and Russian wheat in a tender for Dec. 11-20 shipment, it said on Wednesday.

Egypt, one of the world’s biggest importers of wheat, bought 60,000 tonnes of French wheat and 60,000 tonnes of Russian wheat, GASC Vice-Chairman Mamdouh Abdel Fattah said.

GASC bought the wheat at an average price of $211.63 a tonne on a cost and freight (C&F) basis, he said.

Traders gave the following breakdown of the purchase:

– 60,000 tonnes of French wheat from Glencore at $200 a tonne free-on-board (FOB) and $11.50 a tonne freight from National Navigation, equating to $211.50 a tonne C&F

– 60,000 tonnes of Russian wheat from Union Co. at $203.78 a tonne FOB and $7.99 a tonne freight from National Navigation equating to $211.77 a tonne C&F

Source : arabfinance