{"id":545858,"date":"2022-04-14T04:10:03","date_gmt":"2022-04-14T04:10:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/14\/gasc-concludes-latest-tender-with-offers-roughly-50-above-pre-war-prices\/"},"modified":"2022-04-14T04:10:03","modified_gmt":"2022-04-14T04:10:03","slug":"gasc-concludes-latest-tender-with-offers-roughly-50-above-pre-war-prices","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/14\/gasc-concludes-latest-tender-with-offers-roughly-50-above-pre-war-prices\/","title":{"rendered":"GASC concludes latest tender, with offers roughly 50% above pre-war prices"},"content":{"rendered":"

<\/a> GASC has pulled off its first successful wheat tender since Russia invaded <\/strong>Ukraine \u2014 but it didn\u2019t come cheap. <\/strong>The General Authority for Supply Commodities (GASC), Egypt\u2019s state grain buyer, bought 350k tons of wheat from France, Russia, and Bulgaria in its first successful tender since war broke out in Europe\u2019s breadbasket, Bloomberg<\/a> reports. The average price (accounting for freight) stood at nearly USD 490 per ton \u2014 the highest in nearly six years, and up by around half what GASC paid in its last international purchase in mid-February<\/a>, says the business newswire.<\/p>\n

We knew that wheat purchases would be pricier \u2014 but not this pricey: <\/strong>The government in early March said rising wheat prices would cost it an additional EGP 15 bn<\/a> this fiscal year, penciling the cost in at USD 350 per ton. Paris wheat futures rose to close near an all-time high of USD 445 per ton yesterday.<\/p>\n

GASC tried a different tack to secure supply: <\/strong>This was GASC\u2019s first limited tender in years, with offers only open to European nations among the 16 countries accredited to supply the state. Six European companies made offers, Bloomberg says citing unnamed traders \u2014 around half the number GASC is accustomed to receiving in normal circumstances.<\/p>\n

France made good on its pledge to <\/strong>\u201cstand by Egypt\u201d<\/a><\/strong> on wheat<\/strong> and make sure we get what we need, leading the purchases. GASC also secured one shipment of Russian wheat \u2014 which is less surprising than you might think given that Russian supply to private and public buyers has continued uninterrupted (and even grown<\/a>) since the war began. Bulgaria also sold us a single cargo.<\/p>\n

Look for the grain to be shipped in late May <\/strong>or the first half of June.<\/p>\n

The tender was a test of the wartime wheat market. <\/strong>GASC put tenders on hold in early March after being forced to cancel two in a row, as the war blocked Ukrainian exports and sent ins. and shipping costs skyrocketing, upending the global market. We typically source north of 80% of our wheat imports from Russia and Ukraine.<\/p>\n

GASC is working on diversifying its options after reserves dipped<\/strong>, having recently held talks with India, Argentina, France and the United States on potential supply. We had about 2.6 months of wheat on hand as of last week<\/a>, down from the four-month figure the government announced in early March.<\/p>\n

The government remains focused on the local harvest:<\/strong> The government will spend around EGP 36 bn to purchase 6 mn tons of local wheat this year, roughly doubling its purchase budget<\/a> from last year.<\/p>\n

Meanwhile, Ukrainian wheat apparently remains blocked by the war: <\/strong>Ukrainian authorities have accused Russia of continuing to block one ship that had been loaded for wheat to Egypt from leaving a Russian-occupied port on the Black Sea, Al Monitor reported<\/a>. Our imports of Ukrainian wheat plunged 42% y-o-y last month, to record 124.5k tonnes.<\/p>\n

\n

IN OTHER COMMODITIES- Our soybean imports are set to rise for marketing year <\/strong>2022-2023: <\/strong>Egypt\u2019s soybean imports will rise 11% in the October 2022-September 2023 marketing year on the back of our increasing domestic crush capacity, the US Agriculture Department has said in a report (pdf)<\/a>. We\u2019ll import around 4 mn metric tonnes (MMT) in the coming year, up from 3.6 MMT in MY 2021-2022, after the two companies responsible for soybean crushing in Egypt \u2014 Soyven and Alex Seeds Company \u2014 raised capacity by more than 6%.<\/p>\n

Our consumption is also on the rise: <\/strong>Our forecasted soybean consumption for the upcoming marketing year is up 6.6% from the current year to sit at around 4.05 MMT. Local production will rise by more than a third to 34k MMT.<\/p>\n

US-origin soybeans are leading our imports: <\/strong>Our US-origin soybean imports make up 72.2% of our imports, with the report citing a dramatic increase between MY2016-2017 and MY2020-21.<\/p>\n

What do we need all these beans for? <\/strong>Soybeans form the basis of poultry feed<\/a>, among several other uses.<\/p>\n","protected":false},"excerpt":{"rendered":"

GASC has pulled off its first successful wheat tender since Russia invaded Ukraine \u2014 but it didn\u2019t come cheap. The General Authority for Supply Commodities (GASC), Egypt\u2019s state grain buyer, bought 350k tons of wheat from France, Russia, and Bulgaria in its first successful tender since war broke out in Europe\u2019s breadbasket, Bloomberg reports. The […]<\/p>\n","protected":false},"author":1,"featured_media":545859,"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":[317,72,550,1341,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodities","tag-commodities","tag-enterpriseam","tag-gasc","tag-russia-ukraine-conflict","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"13de9150-4357-4b83-bb04-bb10a00ebd79","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/4\/244.jpg","photo_position":"above","related_issue":[545852],"teaser":"","voice_url":""},"yoast_head":"\nGASC concludes latest tender, with offers roughly 50% above pre-war prices - 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\/04\/14\/gasc-concludes-latest-tender-with-offers-roughly-50-above-pre-war-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GASC concludes latest tender, with offers roughly 50% above pre-war prices\" \/>\n<meta property=\"og:description\" content=\"GASC has pulled off its first successful wheat tender since Russia invaded Ukraine \u2014 but it didn\u2019t come cheap. 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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":[]},{"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":545858,"position":1},"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":578635,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/09\/a-fresh-gasc-tender-for-wheat-backed-by-the-world-bank\/","url_meta":{"origin":545858,"position":2},"title":"A fresh GASC tender for wheat, backed by the World Bank","author":"enterpriseam admin","date":"9 January 2023","format":false,"excerpt":"GASC puts out a fresh international wheat tender: State grain buyer GASC has launched an international tender to purchase 30k-60k tons of wheat on a cost and freight basis for February delivery, according to a GASC statement. 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":543974,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/28\/war-in-ukraine-threatens-gascs-latest-tender\/","url_meta":{"origin":545858,"position":3},"title":"War in Ukraine threatens GASC\u2019s latest tender","author":"enterpriseam admin","date":"28 February 2022","format":false,"excerpt":"Traders have warned GASC of supply difficulties ahead of today\u2019s wheat tender as conflict rages between major growers Russia and Ukraine, Bloomberg reports. Some traders have told GASC they won\u2019t be able to offer Black Sea wheat due to the turmoil triggered by Russia\u2019s invasion of Ukraine, according to anonymous\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\/2\/384.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547784,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/06\/egypt-buys-444k-tons-of-wheat-directly-from-traders\/","url_meta":{"origin":545858,"position":4},"title":"Egypt buys 444k tons of wheat directly from traders","author":"enterpriseam admin","date":"6 July 2022","format":false,"excerpt":"Another big wheat buy: Egypt purchased 444k tons of Russian, French and Romanian wheat directly from traders yesterday, traders said. State grains buyer GASC paid USD 416 a ton on a cost and freight basis (CFR), they said.The breakdown: GASC reportedly bought 214k tons of Russian wheat, 170k tons of\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\/139.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":545858,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545858","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=545858"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545858\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/545852"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/545859"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=545858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=545858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=545858"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=545858"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=545858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}