Egypt buys 175,000 tons of Russian wheat

Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), said it had bought 175,000 tons of Russian wheat for shipment Sept. 11-20.
 
    Mamdouh Abdel Fattah, the vice-chairman of GASC, gave the following breakdown of the purchase:
    – 60,000 tons from Olam
    – 60,000 tons from Cargill
    – 55,000 tonn from Glencore  
    GASC said it bought the wheat at an average price of $260.14
a toe, on a cost and freight basis.  
    Traders gave the following breakdown of the purchase:
    – 60,000 tons from Olam at $246.99 a ton, on a  free-on-board basis (fob) and $11.88 a ton freight from National Navigation
    – 60,000 tons from Cargill at $249 a ton fob and $11.70 a ton freight
    – 55,000 tons from Glencore at $249 a ton and $11.94 a ton freight from Venus  
     
    The world's top wheat importer has so far bought 890,000 tons of Romanian, Russian and Ukrainian wheat since the start  of the fiscal year on July 1.
   
    The supply ministry said earlier this month its stocks had  increased to six months worth, to last until the end of 2014.
 
    Egypt purchased a total of 5.46 million tons of wheat from abroad in the 2013-2014 fiscal year in addition to 3.7 million tons of local wheat.  
Reuters
31 July