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Sunday, January 16, 2022

Egypt’s GASC buys 600,000 tonnes of wheat

CAIRO: Egypt’s state grains buyer, the General Authority for Supply Commodities (GASC), on Monday said it bought 600,000 tonnes of wheat in an international tender for shipment Jan 9-20.

The purchase comprised 240,000 tonnes of Romanian wheat, 240,000 tonnes of Russian wheat and 120,000 tonnes of Ukrainian wheat, GASC said.

Traders said that Monday’s purchase was one of the biggest by GASC this season, adding that the state grains buyer could be taking advantage of falling grains prices.

Grain futures slumped on Monday amid worries over the emergence of the new Omicron coronavirus variant, with Chicago Board of Trade March soft red winter wheat futures down 18 cents at $8.22-1/4 a bushel.

One Middle Eastern trader, speaking on condition of anonymity, said that GASC had been falling behind on its wheat purchases this year, while a second trader said it wanted to avoid any shortages before the Christmas holidays.

Egypt’s GASC buys 600,000 tonnes of wheat

Source: Brecorder

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