Egypt’s GASC targets wheat for July shipment

Egypt’s General Authority for Supply Commodities (GASC) set a tender on Monday to buy an unspecified amount of wheat from global suppliers for shipment from July 11-21.

GASC Vice Chairman Ahmed Youssef said the authority was seeking to buy cargoes of soft and/or milling wheat from the United States, Canada, Australia, France, Germany, Poland, Argentina, Russia, Kazakhstan, Ukraine, Romania, Bulgaria, Hungary, Paraguay and Serbia.

Tenders should reach GASC by noon local time (1000 GMT) on Tuesday. The results should come out after 3:30 p.m. local time on the same day. Wheat bids should be free-on-board, with a separate freight offer.

GASC will pay for wheat purchased in the tender by opening letters within 180 days with facilities.

Youssef said that GASC has adjusted tender terms to remove a penalty fee on sellers that is detailed in its tender book. Traders said the changes would incentivize them to offer grain in GASC tenders.

At its most recent wheat tender on April 12, GASC bought 240,000 tonnes of Romanian and Ukrainian wheat for shipment from May 20 to June 5.

GASC is seeking to buy 55,000 to 60,000-tonne cargoes of the following:

U.S. North Pacific soft white wheat;

U.S. hard red winter wheat;

U.S. soft red winter wheat;

Russian milling wheat;

Ukrainian milling wheat, and

Australian standard white wheat.

GASC is also seeking 60,000-tonne cargoes of the following:

Canadian soft wheat;

French milling wheat;

German milling wheat;

Argentine bread wheat;

Polish milling wheat;

Kazakh milling wheat;

Romanian milling wheat;

Bulgarian milling wheat;

Serbian milling wheat;

Hungarian milling wheat, and

Paraguayan milling wheat.

Source: Reuters