Egypt purchases 175,000 tonnes of Russian Wheat with $36mln

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Egypt’s state grain buyer, the General Authority for Supply Commodities (GASC), had bought 175,000 tons of Russian wheat with the cost of US$35.9 million in a fourth tender made during the new fiscal year.

Egyptian Supply and Domestic Trade minister Khaled Hanafy told Amwal Al Ghad Wednesday that the wheat was purchased at an average price of US$205.37 a ton on a cost-and-freight basis for shipment in August 2015 for ten days.

Hence, Egypt’s strategic stocks of domestic and imported wheat are sufficient to the middle of February 2016, the minister announced.

Hanafy said that Egypt buys imported wheat through the international stocks not from specific state as it imports wheat from Russia, Romania, Canada, France, Argentina, USA and Ukraine.

Egypt is the world’s largest wheat importer, which usually purchases around 10 million tons of wheat per year from international markets and uses a mixture of domestic and imported wheat for its subsidised bread program.