Egypt permits current wheat deal to be supplied from different origins: Supply Minister

Egypt allows the swiss-based trader Solaris to supply Egypt with wheat from any origin. Egyptian Minister of Supply and Internal Trade, Ali El-Moselhy stated to Bloomberg.

Solaris must notify Egypt’s General Authority for Supply Commodities(GASC), with qualities, standards and documents of the new grains origin in advance, as the grain must comply with the contract standards, El-Moselhy added. The company will also disclose the FOB and CIF prices.

Egypt has bought about 480,000 metric tons of Russian wheat from trading firm Solaris on Friday, at a price of about $270 a ton on cost and freight basis (CFR), on the 1st of September. The minister said to Reuters .

Worth mentioning that Egypt last year started shifting towards direct purchases instead of tenders after the war in Ukraine disrupted its buying.