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UPDATE 2-Egypt's GASC says buys 120,000 tonnes of Argentine wheat

Published 2015-12-23, 10:57 a/m
UPDATE 2-Egypt's GASC says buys 120,000 tonnes of Argentine wheat

(Adds trader quote, link to change in tender terms)
ABU DHABI, Dec 23 (Reuters) - Egypt's state grain buyer, the
General Authority for Supply Commodities (GASC), bought 120,000
tonnes of Argentine wheat in a tender for Jan. 21-31 shipment,
it said on Wednesday.
Egypt, one of the world's biggest importers of wheat, bought
the wheat from Louis Dreyfus at the average price of $190.94 a
tonne cost and freight, GASC Vice-Chairman Mamdouh Abdel Fattah
said.
It was the first time GASC has bought Argentine wheat this
fiscal year which started July 1.
"Low freight prices helped Argentina be competitive this
tender," one Cairo-based trader said.
Traders gave the following breakdown of the purchase:
-60,000 tonnes of Argentine wheat from Louis Dreyfus at
$174.88 a tonne free-on-board (FOB) and $15.40 a tonne freight
equating to $190.28 a tonne cost and freight (C&F)
-60,000 tonnes of Argentine wheat from Louis Dreyfus at
$176.20 a tonne FOB and $15.40 a tonne freight equating to
$191.60 a tonne C&F
For a full list of offers presented in the tender click
ID:nL8N14C1R6
GASC earlier said that it had changed its tender terms to
allow itself more time to pay for wheat purchased from
exporters.
Traders said the move was due to the foreign exchange crisis
Egypt has been undergoing.

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