{"id":543949,"date":"2022-02-27T04:10:57","date_gmt":"2022-02-27T04:10:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/fresh-wheat-tender-on-monday-after-war-breaks-out-between-top-suppliers-russia-ukraine\/"},"modified":"2022-02-27T04:10:57","modified_gmt":"2022-02-27T04:10:57","slug":"fresh-wheat-tender-on-monday-after-war-breaks-out-between-top-suppliers-russia-ukraine","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/fresh-wheat-tender-on-monday-after-war-breaks-out-between-top-suppliers-russia-ukraine\/","title":{"rendered":"Fresh wheat tender on Monday after war breaks out between top suppliers Russia + Ukraine"},"content":{"rendered":"

<\/a> State grain buyer issues fresh wheat tender as war in Ukraine threatens <\/strong>supply: <\/strong>State grain buyer GASC will look to buy 55-60k tonnes of wheat in an international tender tomorrow, according to the authority\u2019s website<\/a>.<\/p>\n

The bid comes days after GASC called off a wheat tender due to a lack of offers<\/strong> as global grain markets face turmoil on the back of Russia\u2019s invasion of Ukraine, Bloomberg<\/a> reports. The authority canceled last Thursday\u2019s tender<\/a> after receiving only one offer for French wheat. Tender rules mean at least two offers must be submitted for a purchase to go ahead, Reuters<\/a> cited a GASC official as saying.<\/p>\n

Russian + Ukrainian ports close: <\/strong>Ports in Ukraine have been closed since Russia launched its invasion<\/a> on Thursday, the same day as GASC\u2019s canceled tender. Meanwhile, Russian wheat exports will likely be on hold for \u201ca couple of weeks,\u201d the country\u2019s grain association said, adding that \u201cIt is difficult to plan any transactions at the moment.\u201d Russia on Friday attacked<\/a> a Panamanian-flagged cargo vessel due to load wheat for shipment to an unspecified destination near Ukraine\u2019s Odessa port.<\/p>\n

What about the Ukrainian grain we\u2019ve already locked in? <\/strong>We\u2019re waiting on two 180k-tonne purchases of Ukrainian wheat for February and March delivery \u2014 but traders are warning that those contracts could be canceled by force majeure as war rages in Ukraine, according to Reuters<\/a>, which reports that one shipment of Ukrainian wheat bought by GASC is currently stuck at a Ukrainian port. A shipment of 60k tonnes of Ukrainian wheat purchased in a December tender is safely on its way to Egypt, Al Dostor<\/a> reports, citing exclusive statements from GASC.<\/p>\n

The gov\u2019t is planning for further price hikes: <\/strong>Prime Minister Moustafa Madbouly met with Central Bank of Egypt (CBE) governor Tarek Amer on Thursday to ensure there is sufficient financing to help the government purchase food and oil supplies that could be impacted by the crisis, according to a cabinet statement<\/a>. Government spokesperson Nader Saad reportedly said<\/a> that we \u201cwill no longer be able to buy at the price before the crisis,\u201d while business mogul Naguib Sawiris also took to<\/a>Twitter<\/a> to urge authorities to stockpile wheat before prices surge further.<\/p>\n

Wheat futures surged to a record high on Thursday <\/strong>on the back of the war, Reuters<\/a> reports, having already hit decade-highs over the past year amid a supply squeeze.<\/p>\n

Casting a wider net:<\/strong> GASC\u2019s latest tender calls for offers from the US, Canada, France, Bulgaria, Australia, Poland, the UK and Romania, as well as Russia and Ukraine. Egypt plans to continue to look for ways to further diversify wheat imports, cabinet said<\/a> at a meeting last week held to weigh the economic impact of the war. GASC locked in its latest shipment of wheat<\/a> from Romania despite Ukrainian suppliers offering a better price at the time. Russia and Ukraine\u2019s breadbaskets together account for around 80% of supply to Egypt and nearly a third of the world\u2019s wheat supply.<\/p>\n

It might prove an upward battle to secure offers at Monday\u2019s tender:<\/strong> \u201cLast time there was only one offer before any attacks, now that the situation got serious I\u2019m sure suppliers are more apprehensive,\u201d Reuters cited an anonymous trader as saying. Egypt currently has a 4.5-month reserve of wheat on hand, Prime Minister Moustafa Madbouly said last week<\/a>.<\/p>\n

US sanctions could also impact the wheat market: <\/strong>Suppliers have reportedly asked some Egyptian traders and agents to switch from Russia\u2019s Sberbank, which has been hit by US sanctions<\/a>, according to Reuters. Meanwhile, some of Russia\u2019s biggest wheat exporters have links to now-sanctioned state-owned bank VTB Group.<\/p>\n

None of this is good for inflation \u2014 especially for EMs:<\/strong> \u201cThe food security impact of the conflict will likely be felt beyond Ukraine\u2019s border, especially on the poorest of the poor,\u201d the World Food Programme wrote in a statement<\/a> on Thursday. \u201cInterruption to the flow of grain out of the Black Sea region will increase prices and add further fuel to food inflation.\u201d Annual urban inflation in Egypt hit its highest level<\/a> in almost two and a half years in January \u2014 7.3% \u2014 due to rising food prices, while analysts expect inflation to hit mid-7% or higher in the short term.<\/p>\n

The gov\u2019t is still mulling how to taper bread subsidies. <\/strong>The Supply Ministry is considering several scenarios for tapering bread subsidies for the first time in decades, with a final decision on how they will be reworked expected by the end of March<\/a>. The government is also considering hedging wheat.<\/a><\/p>\n

The impact of the war on wheat supply here at home and in the wider region is getting coverage pretty much everywhere: <\/strong>The New York Times<\/a> | France24<\/a> | NPR<\/a> | Financial Times<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

State grain buyer issues fresh wheat tender as war in Ukraine threatens supply: State grain buyer GASC will look to buy 55-60k tonnes of wheat in an international tender tomorrow, according to the authority\u2019s website. The bid comes days after GASC called off a wheat tender due to a lack of offers as global grain […]<\/p>\n","protected":false},"author":1,"featured_media":543950,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7305],"tags":[317,72,1085,550,270,304,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodities","tag-commodities","tag-enterpriseam","tag-food-inflation","tag-gasc","tag-russia","tag-ukraine","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"10eab519-405d-4e8c-9825-11a03e8b7926","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/368.jpg","photo_position":"above","related_issue":[543943],"teaser":"","voice_url":""},"yoast_head":"\nFresh wheat tender on Monday after war breaks out between top suppliers Russia + Ukraine - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/fresh-wheat-tender-on-monday-after-war-breaks-out-between-top-suppliers-russia-ukraine\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fresh wheat tender on Monday after war breaks out between top suppliers Russia + Ukraine\" \/>\n<meta property=\"og:description\" content=\"State grain buyer issues fresh wheat tender as war in Ukraine threatens supply: State grain buyer GASC will look to buy 55-60k tonnes of wheat in an international tender tomorrow, according to the authority\u2019s website. 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Traders need to submit their bids directly to GASC by midday tomorrow.Thanks, World\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/114.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545782,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/12\/gasc-is-tendering-again-but-only-for-european-wheat\/","url_meta":{"origin":543949,"position":1},"title":"GASC is tendering again \u2014 but only for European wheat","author":"enterpriseam admin","date":"12 April 2022","format":false,"excerpt":"GASC wants to buy wheat \u2014 but only from European suppliers: State grain buyer the General Authority for Supply Commodities (GASC) issued yesterday a limited tender for an unspecified amount of European wheat, Reuters reported. The tender is open only to European suppliers already accredited in GASC\u2019s tender book, marking\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/208.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571880,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/03\/egypt-purchases-120k-tonnes-of-ukranian-wheat-in-third-intl-tender-of-local-harvest-season\/","url_meta":{"origin":543949,"position":2},"title":"Egypt purchases 120k tonnes of Ukranian wheat in third int\u2019l tender of local harvest season","author":"enterpriseam admin","date":"3 June 2020","format":false,"excerpt":"GASC purchases 120k tonnes of Ukranian wheat in third int\u2019l tender of local harvest season: State grain buyer GASC, the world\u2019s largest grain buyer, has purchased 120k tonnes of wheat from Ukraine in its third global wheat tender during the 2020-21 local harvest season, including 60k tonnes at USD 210\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/6\/26.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544382,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/01\/were-struggling-to-find-new-wheat-supplies\/","url_meta":{"origin":543949,"position":3},"title":"We\u2019re struggling to find new wheat supplies","author":"enterpriseam admin","date":"1 March 2022","format":false,"excerpt":"State grain buyer GASC was forced to cancel its wheat tender yesterday on the back of high prices, Bloomberg reports, as global grain markets face turmoil on the back of Russia\u2019s invasion of Ukraine. The two countries together account for nearly a third of the world\u2019s wheat supply, and some\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/3.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547655,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/03\/gasc-makes-huge-wheat-buy-world-bank-approves-usd-500-mn-loan\/","url_meta":{"origin":543949,"position":4},"title":"GASC makes huge wheat buy + World Bank approves USD 500 mn loan","author":"enterpriseam admin","date":"3 July 2022","format":false,"excerpt":"State makes its biggest wheat buy in a decade as futures dip: State grain buyer GASC last week purchased 815k tons of wheat for shipment in August, September and October, state news agency MENA reports, citing the authority. The purchase of French, Romanian, Russian, and Bulgarian wheat in last Wednesday\u2019s\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/78.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547740,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/05\/gasc-could-purchase-wheat-directly-from-suppliers\/","url_meta":{"origin":543949,"position":5},"title":"GASC could purchase wheat directly from suppliers","author":"enterpriseam admin","date":"5 July 2022","format":false,"excerpt":"Egypt is lining up its next wheat buy \u2014 this time sans tender? GASC is looking to purchase wheat directly from commodity traders outside the normal tender process, Reuters and Bloomberg reported yesterday, citing traders. The state grain buyer yesterday invited offers from the trading houses for an undisclosed amount\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/116.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543949","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=543949"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543949\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543943"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/543950"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543949"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543949"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}