COMMODITIES-

State grains buyer GASC purchased 260k tons of Russian wheat directly from buyers at USD 354 per ton on a cost and freight basis, according to Agricensus. GASC made at least one other direct purchase of Russian wheat last month shortly after it canceled a tender due to high prices.

TRADE-

The government has disbursed 70% of the EGP 10 bn it plans to pay out in the fifth phase of its export subsidy program, according to a Finance Ministry statement. The Export Development Fund has so far paid EGP 40 bn in overdue subsidies to exporters under the program, which allows exporters to receive their subsidies in a single payment rather than in installments over four to five years, in return for a haircut. More than 1.4k exporters applied to join the fifth phase of the export subsidy program.

Tags: