GASC launches its largest ever wheat tender: State grain buyer GASC yesterday launched a tender for up to 3.8 mn tons of wheat for import over a seven-month period, marking its largest tender to date, according to what traders told Reuters. This volume accounts for nearly a third of the authority’s yearly wheat requirement, Bloomberg writes. Bidders are required to offer quantities for at least three months of shipment and must submit their offers by next Monday.

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The details: GASC is looking to secure monthly shipments starting October and until April on a free-on-board basis. The authority will settle payment through 270-day letters of credit.

Traders are baffled: “This is a very strange tender,” one trader told Reuters, adding that traders it would be “very difficult to submit a freight offer six or seven months in advance.” Another added that it is unlikely that GASC ends up securing shipments for the entire 3.8 mn tons it is after.

Our way of capitalizing on falling commodity prices: “There is a decrease in the global market and global commodity prices … It is a chance to buy what we need of these goods due to the current situation in the global market,” Finance Minister Ahmed Kouchouk said yesterday.

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