Adds provides and background
CAIRO, July 27 (Reuters) – Egypt’s state grains purchaser, the Normal Authority for Provide Commodities (GASC,) on Tuesday obtained a lowest provide of $244.50 a tonne for 60,000 tonnes of Ukrainian wheat on a free-on-board (FOB) foundation, merchants stated.
GASC is in search of an unspecified amount of wheat for cargo Sept. 20-30 and can pay utilizing 180-day letters of credit score.
GASC had allowed merchants to additionally provide freight for his or her cargoes however not one of the suppliers taking part in Tuesday’s tender elected to take action.
Export costs of Russian wheat, of which Egypt is a significant shopper, rose final week amid international considerations about unfavourable climate in key exporting nations, together with Russia, analysts stated on Monday.
5 of the 11 FOB provides offered in Tuesday’s tender have been for Ukrainian grain. Beneficial climate may assist Ukraine to reap about 76 million tonnes of grain this 12 months, up from 65 million in 2020.
Merchants gave the next breakdown of the provides offered in {dollars} per tonne on a FOB foundation:
Nibulon: 60,000 tonnes of Ukrainian wheat at $244.50
Inerco: 60,000 tonnes of Ukrainian wheat at $244.80
Olam: 60,000 tonnes of Ukrainian wheat at $247.75
Posco: 60,000 tonnes of Ukrainian wheat at $247.99
LDC: 60,000 tonnes of Ukrainian wheat at $252.00
Viterra: 60,000 tonnes of Romanian wheat $247.86
CHS: 60,000 tonnes of Romanian wheat $251.20
Solaris:60,000 tonnes of Romanian wheat $254.86
GTCS: 60,000 tonnes of Russian wheat at $250.00
Agro: 60,000 tonnes of Russian wheat at $259.90
ADM: 55,000 tonnes of Russian wheat at $259.55
No buy has but been made however tender outcomes are anticipated afterward Tuesday.
(Reporting by Nadine Awadalla and Michael Hogan; Enhancing by Kirsten Donovan)
(([email protected];))
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially mirror these of Nasdaq, Inc.