{"id":548846,"date":"2022-08-24T04:00:15","date_gmt":"2022-08-24T04:00:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/egypt-just-secured-240k-tons-of-russian-wheat\/"},"modified":"2022-08-24T04:00:15","modified_gmt":"2022-08-24T04:00:15","slug":"egypt-just-secured-240k-tons-of-russian-wheat","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/egypt-just-secured-240k-tons-of-russian-wheat\/","title":{"rendered":"Egypt just secured 240k tons of Russian wheat"},"content":{"rendered":"

<\/a> State grains buyer GASC has bought 240k tons of Russian wheat directly from <\/strong>suppliers<\/strong> for delivery in September, October and November, the Supply Ministry said in a statement<\/a> yesterday. The authority purchased six 40k-ton cargos of grain for USD 368 a ton on a cost and freight basis (CFR) via 180-day letters of credit, traders with knowledge of the matter told Reuters<\/a>.<\/p>\n

Prices are finally taking a breather:<\/strong> This would make the purchase 8% cheaper than the most recent purchase at the end of July, when GASC bought 120k tons for USD 402.50<\/a> but still about 10% higher than government\u2019s forecast, which sees prices averaging USD 330 during FY 2022-2023. Prices per ton are now averaging USD 272<\/a> in global markets, as easing grain shortages and growing fears of recession in advanced economies cause prices to fall back from record highs in mid-May.<\/p>\n

It\u2019s direct purchases as far as the eyes can see:<\/strong> Authorities are still in talks with suppliers over more direct wheat purchases, Reuters quoted sources in the know as saying. The authority was reportedly in direct talks with 14 wheat suppliers as of last month. The authority typically purchases wheat via tenders, but in May<\/a> the cabinet gave the go-ahead for it to buy directly from suppliers after a series of tenders were canceled due to high prices.<\/p>\n","protected":false},"excerpt":{"rendered":"

State grains buyer GASC has bought 240k tons of Russian wheat directly from suppliers for delivery in September, October and November, the Supply Ministry said in a statement yesterday. The authority purchased six 40k-ton cargos of grain for USD 368 a ton on a cost and freight basis (CFR) via 180-day letters of credit, traders […]<\/p>\n","protected":false},"author":1,"featured_media":548847,"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":[317,72,550,270,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548846","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodities","tag-commodities","tag-enterpriseam","tag-gasc","tag-russia","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"5270b1a1-b0dd-4f34-a800-e38cf93b6c55","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/8\/372.jpg","photo_position":"above","related_issue":[548836],"teaser":"","voice_url":""},"yoast_head":"\nEgypt just secured 240k tons of Russian wheat - 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\/08\/24\/egypt-just-secured-240k-tons-of-russian-wheat\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt just secured 240k tons of Russian wheat\" \/>\n<meta property=\"og:description\" content=\"State grains buyer GASC has bought 240k tons of Russian wheat directly from suppliers for delivery in September, October and November, the Supply Ministry said in a statement yesterday. 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The lowest offer came from US-based Cargill, at USD 221 per tonne FOB. GASC purchased 120k tonnes from US suppliers and 60k tonnes each\u2026","rel":"","context":"In "Basic Materials + Commodities"","block_context":{"text":"Basic Materials + Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/basic-materials-commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":605733,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/05\/big-wheat-buy\/","url_meta":{"origin":548846,"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":549103,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/another-russian-wheat-shipment-secured\/","url_meta":{"origin":548846,"position":3},"title":"Another Russian wheat shipment secured","author":"enterpriseam admin","date":"4 September 2022","format":false,"excerpt":"State grain buyer GASC has secured 120k tons of Russian wheat directly from suppliers for delivery in November at USD 340 per ton, traders told Agricensus. The buy marks GASC\u2019s second direct purchase from Russia in as many weeks, as the state appears to pivot away from public tenders after\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\/9\/109.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":631409,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/18\/gasc-purchases-240k-tonnes-of-russian-and-romanian-wheat-in-global-tender\/","url_meta":{"origin":548846,"position":4},"title":"GASC purchases 240k tonnes of Russian and Romanian wheat in global tender","author":"enterpriseam admin","date":"18 March 2018","format":false,"excerpt":"The General Authority for Supply Commodities (GASC) purchased 120k tonnes of Russian wheat and another 120k of Romanian wheat in an international tender on Thursday, Reuters\u2019 Arabic service reports. The Supply Ministry said that Egypt\u2019s wheat reserves would last 3.2 months, according to the wire service.","rel":"","context":"In "Basic Materials + Commodities"","block_context":{"text":"Basic Materials + Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/basic-materials-commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","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":548846,"position":5},"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. 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