Egypt’s GASC directly purchases 240,000 tons of Russian wheat – ministry

Egypt’s state grains buyer GASC has contracted on Monday to purchase 240,000 tones of Russian wheat, according to Ministry of Supply and Internal Trade’s statement.

The ministry did not disclose the price yet but traders thought it has sold for 7,000 Egyptian pounds ($368) per ton.

GASC bought six 40,000 tons cargoes on a cost and freight basis, with payment via 180-day letters of credit, two people with knowledge of the matter said to Reuters.

The six cargoes will be shipped over the following periods: September 20 to October 10, October 11 to 30, and from the same month 21 to November 10, the ministry clarified.

Egypt’s strategic reserves of wheat currently stand at seven months, one month longer than its usual target of six months.