HAMBURG: The lowest price offered in the international tender from Egypt’s state commodities buyer GASC to purchase wheat on Thursday was believed to be $322.80 a tonne cost and freight (c&f) for wheat sourced from Russia, traders said in initial assessments.

The offer was believed to have been submitted by trading house Grainflower. The tender seeks shipment in February and March. No purchase has been made and the result is expected later on Thursday after continued price negotiations, they said.

GASC is seeking an unspecified quantity of wheat with finance provided in the framework of the Food Security and Resilience Support Programme funded by the World Bank to help Egypt overcome its economic difficulties.

Payment is on sight (immediate) with offers sought on a c&f basis, which includes costs for ocean shipping.