{"id":547655,"date":"2022-07-03T04:23:00","date_gmt":"2022-07-03T04:23:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/03\/gasc-makes-huge-wheat-buy-world-bank-approves-usd-500-mn-loan\/"},"modified":"2022-07-03T04:23:00","modified_gmt":"2022-07-03T04:23:00","slug":"gasc-makes-huge-wheat-buy-world-bank-approves-usd-500-mn-loan","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/03\/gasc-makes-huge-wheat-buy-world-bank-approves-usd-500-mn-loan\/","title":{"rendered":"GASC makes huge wheat buy + World Bank approves USD 500 mn loan"},"content":{"rendered":"

<\/a> Stat<\/strong>e makes its biggest wheat buy in a decade<\/strong> as futures dip:<\/strong> 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 tender was GASC\u2019s largest since at least 2012, Bloomberg<\/a> data shows.<\/p>\n

The breakdown: <\/strong>The order was for 350k tons of French wheat, 240k tons of Romanian wheat, 175k tons from Russia, and 50k tons from Bulgaria. This is the third successful tender GASC has launched since Russia invaded Ukraine. Pre-war, the two countries supplied north of 80% of our wheat imports.<\/p>\n

We locked in the grain while prices are lower: <\/strong>GASC bought the wheat at around USD 430-440 per ton on a cost and freight (C&F) basis, with the cheapest prices coming from Romania and the most expensive from France, Reuters<\/a> reports, citing traders. That\u2019s around 8-10% cheaper than GASC\u2019s last purchase of mostly Romanian wheat in June<\/a>, though still 58% above prices from the same period last year. Unusually, the purchase is for shipments spread out over several months rather than a matter of weeks, Bloomberg notes, suggesting GASC looked to lock in the greatest amount of grain possible while the price was right.<\/p>\n

You can thank recent recession predictions: <\/strong>The outbreak of war in Ukraine at the end of February sent grain prices to a 14-year high<\/a> and spurred talk of a global food security crisis. But murmurs of a looming global recession as central banks attempt to bring down inflation has cooled the markets. Chicago futures are now trading at their lowest price since February, having fallen by a third since the middle of May.<\/p>\n

French grain on the rise?<\/strong> This latest tender offers fresh evidence that France is becoming an important supplier to Egypt after war in Ukraine blocked shipments from the country. France has pledged to support us<\/a> on food security and led the suppliers in GASC\u2019s first successful tender<\/a> since war broke out in Ukraine, while the second tender in June<\/a> was fulfilled by Romanian, Russian, and Bulgarian suppliers. We\u2019ve also been purchasing cargoes directly from suppliers, including most recently a 180k-ton shipment<\/a> from India.<\/p>\n

Egypt\u2019s total wheat imports for FY2022-2023 are expected to come in at 10 mn tons,<\/strong> with the state looking to import some 5-5.5 mn tons of that (with the remainder purchased by the private sector), Supply Minister Ali El Moselhy said last week.<\/p>\n

HOW ARE WE PAYING? <\/strong>We\u2019re getting that USD 500 mn loan from the World Bank to boost our food <\/strong>security<\/strong> after the multilateral lender on Wednesday approved extending us the loan first announced in June<\/a>, according to a statement<\/a>(pdf)<\/a>. The loan will go towards wheat imports to cover the equivalent of one month\u2019s supply for the nationwide bread subsidy program, the statement read. It will also help upgrade and expand wheat silos and up domestic cereals production in efforts to improve climate resilience.<\/p>\n

The breakdown: <\/strong>An earlier World Bank document (pdf)<\/a> said the program would provide USD 350 mn to GASC to purchase up to 700k tons of wheat; USD 117.5 mn to raise silo capacity, increase the use of high-yielding types of wheat, and improve climate resilience; and USD 2.5 mn to manage the project.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 tender was GASC\u2019s largest since […]<\/p>\n","protected":false},"author":1,"featured_media":547656,"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":[317,72,491,550,182,270,304,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547655","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodities","tag-commodities","tag-enterpriseam","tag-france","tag-gasc","tag-inflation","tag-russia","tag-ukraine","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"641511ec-c42a-4cf5-a975-49161d01b1f4","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/7\/78.jpg","photo_position":"above","related_issue":[547651],"teaser":"","voice_url":""},"yoast_head":"\nGASC makes huge wheat buy + World Bank approves USD 500 mn loan - 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\/07\/03\/gasc-makes-huge-wheat-buy-world-bank-approves-usd-500-mn-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GASC makes huge wheat buy + World Bank approves USD 500 mn loan\" \/>\n<meta property=\"og:description\" content=\"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. 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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":546928,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/we-just-bought-a-lot-of-wheat\/","url_meta":{"origin":547655,"position":1},"title":"We just bought a lot of wheat","author":"enterpriseam admin","date":"2 June 2022","format":false,"excerpt":"State grain buyer GASC has purchased 465k tons of wheat for shipment in July and August in a fresh international tender, Reuters reported yesterday.The breakdown: The order by the General Authority for Supply Commodities includes 240k tons of Romanian wheat, 175k tons of Russian wheat and 50k tons of Bulgarian\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\/6\/107.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":605733,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/05\/big-wheat-buy\/","url_meta":{"origin":547655,"position":2},"title":"Big wheat buy","author":"enterpriseam admin","date":"5 September 2023","format":false,"excerpt":"GASC procures Russian wheat for USD 270 a ton","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\/9\/113.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":547655,"position":3},"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":543814,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/20\/we-just-bought-tons-of-romanian-wheat-in-a-packed-tender-even-though-ukraines-bid-was-cheaper\/","url_meta":{"origin":547655,"position":4},"title":"We just bought tons of Romanian wheat in a packed tender \u2014 even though Ukraine\u2019s bid was cheaper","author":"enterpriseam admin","date":"20 February 2022","format":false,"excerpt":"The General Authority for Supply Commodities (GASC) just bought 180k tons of Romanian wheat for April shipment in a tender that may help ease policymakers\u2019 concerns about spiking food prices. Seventeen global suppliers took part in last week\u2019s tender \u2014 the most in at least five years \u2014 indicating that\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\/273.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":547655,"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\/547655","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=547655"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547655\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547651"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547656"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547655"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547655"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}