Egypt's state grain buyer, the General Authority for Supply Commodities, said it bought 120,000 tonnes of wheat in an international purchasing tender on Thursday. The purchase comprised 60,000 tonnes of Ukrainian wheat and 60,000 tonnes of Romanian wheat, it said. The tender sought wheat for a Feb. 11-20 shipping period.
The purchase marked the first time in six months that GASC had not bought any Russian wheat in a tender, adding to signs that Russian supplies are becoming less competitive after a record export pace in the early part of the 2018/19 season. Traders gave the following breakdown of prices in Thursday's tender in dollars per tonne:
Louis Dreyfus: 60,000 tonnes of Ukrainian wheat at $246.40 per tonne and $17.30 freight equating to $263.70 CHS: 60,000 tonnes of Romanian wheat at $248.75 and $15.35 freight equating to $264.10. The prices paid by GASC matched the two cheapest offers made during the tender.
The cheapest offer of Russian wheat was almost $8 a tonne more expensive, excluding freight, than the cheapest Russian price paid by GASC in its previous tender last week. Wheat markets are awaiting the outcome of a meeting on Friday between the Russian government and grain exporters, amid recurring speculation that the world's biggest wheat supplier could introduce some kind of curbs on shipments.
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