{"id":607896,"date":"2023-10-11T00:00:00","date_gmt":"2023-10-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/more-russian-wheat-incoming\/"},"modified":"2023-10-11T00:00:00","modified_gmt":"2023-10-11T00:00:00","slug":"more-russian-wheat-incoming","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/more-russian-wheat-incoming\/","title":{"rendered":"More Russian wheat incoming"},"content":{"rendered":"

Our Russian wheat shipment is secured: <\/strong>State grain buyer GASC has purchased 480k tons of Russian wheat directly from a Russian state-backed trader this week, an unnamed trader told Bloomberg<\/a> yesterday. The eight-cargo purchase has been booked for shipment in November and December. The news outlet did not report the cost of the purchase.<\/p>\n

We were expecting more: <\/strong>After Russia canceled a 480k shipment over pricing concerns in September, GASC was back in talks with the Russian government the same month to purchase 1 mn tons of wheat for delivery this season, Bloomberg reported<\/a>.<\/p>\n

Wheat prices are falling globally: <\/strong>Chicago wheat futures fell as much as 1.6% during yesterday\u2019s trading, Reuters<\/a> reported, citing \u201clower prices and hefty supplies in Russia keeping attention on export competition and tempered weather worries about southern hemisphere harvests.\u201d Analysts are also expecting Russian wheat exports to fall this month on the back of weak demand. <\/p>\n

ICYMI- We just bought Bulgarian and Romanian wheat: <\/strong>The GASC bought 170k tons<\/a> of wheat in an international tender in late September. The International Islamic Trade Finance Corporation is providing the finance.<\/p>\n

Remember: <\/strong>GASC began to buy directly<\/a> from suppliers \u2014 rather than through its traditional international tenders \u2014 last year, after the war in Ukraine triggered a surge in global food prices.<\/p>\n

DATA POINT-
<\/strong><\/p>\n

Egypt\u2019s wheat imports rose by a third in 9M 2023<\/strong>, hitting 8.3 mn tons, up from 6.4 mn tons in the same period last year, Asharq Business<\/a> reports, citing a government report. Russian wheat made up 80% of our total wheat imports in 9M 2023, the regional news outlet added, while Ukraine provides just over 10% of our wheat. Romania, US, Australia, Canada, and Moldova also supplied us with wheat in the first three quarters of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"

GASC purchased 480k tons of Russian wheat<\/p>\n","protected":false},"author":1,"featured_media":607897,"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":[317,6539,72,564,565,550,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-607896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodities","tag-commodities","tag-egypt-russia-relations","tag-enterpriseam","tag-food","tag-food-security","tag-gasc","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"eff75e97-7f36-4253-b31b-b9bd46ade182","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/550.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt secures another big Russian wheat buy","related_issue":[607883],"teaser":"GASC purchased 480k tons of Russian wheat","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.dc64cfe5-42fc-4489-a73c-7b132daad090.mp3"},"yoast_head":"\nMore Russian wheat incoming - 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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":605733,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/05\/big-wheat-buy\/","url_meta":{"origin":607896,"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":547784,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/06\/egypt-buys-444k-tons-of-wheat-directly-from-traders\/","url_meta":{"origin":607896,"position":3},"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":572123,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/11\/state-grain-buyer-gasc-has-purchased-120k-tonnes-of-russian-wheat\/","url_meta":{"origin":607896,"position":4},"title":"State grain buyer GASC has purchased 120k tonnes of Russian wheat","author":"enterpriseam admin","date":"11 June 2020","format":false,"excerpt":"State grain buyer GASC purchased yesterday 120k tonnes of Russian wheat, according to Reuters. The shipment will bring Egypt\u2019s total wheat imports during the local harvest season to 600k tonnes, inching the country closer towards its 800k tonne target.","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":607896,"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. 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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/607896","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=607896"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/607896\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/607883"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/607897"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=607896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=607896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=607896"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=607896"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=607896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}