Egypt’s GASC purchases 360k of wheat in first tender under new payment terms

The General Authority for Supply Commodities (GASC) purchased 180k tonnes of French and 180k tonnes of Romanian wheat yesterday in Egypt’s first wheat tender under new payment terms, reports Reuters’ Arabic service. GASC paid an average price USD 2.14 lower than the price it paid three weeks ago, according to Agri Census (paywall), confirming expectations that the new payment terms, which now enable suppliers to be paid immediately rather than within 180 days, are going to lower offers and encourage participation.