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CAIRO, April 6 (Reuters) – Egypt’s state grains buyer, the General Authority for Supply Commodities (GASC), said on Thursday it bought 600,000 tonnes of Russian wheat in an international tender.
The purchase comprised of 300,000 tonnes for shipment between May 10-20 and 300,000 tonnes for shipment between May 21-31, GASC said.
Traders said the cargoes were all sold at a FOB price of $275 per tonne, with a C&F price of either $293 or $294 depending on shipping costs.
In March, Reuters reported that Russia had no plans to halt its wheat exports but wanted to ensure prices to farmers were high enough to cover costs.
This would mean keeping export prices for wheat at or above $275 to $280 per tonne, sources told Reuters.
“The Russian offers obeyed Moscow’s wish for a minimum FOB price of $275. It’s striking that they didn’t try and undercut each other,” one European trader said. “Russia is in a position of strength on the market and buyers will have to pay up. This could herald a new dynamic in the market.”
Traders gave the following breakdown of the purchase in dollars per tonne:
Supplier
Quantity (KMT)
Origin
FOB
Shipment
Freight
C&F
Aston Agri Industrial SA
60
Russian
$275
May 10-20
$18
$293
Grain Flower
40
Russian
$275
May 10-20
$18
$293
Grain Flower
40
Russian
$275
May 10-20
$18
$293
Grain Flower
40
Russian
$275
May 10-20
$18
$293
Grain Flower
60
Russian
$275
May 10-20
$19
$294
Grain Flower
60
Russian
$275
May 10-20
$19
$294
Grain Flower
40
Russian
$275
May 21-31
$18
$293
Grain Flower
40
Russian
$275
May 21-31
$18
$293
Grain Flower
40
Russian
$275
May 21-31
$18
$293
Grain Flower
60
Russian
$275
May 21-31
$19
$294
Grain Flower
60
Russian
$275
May 21-31
$19
$294
Aston Agri Industrial SA
60
Russian
$275
May 21-31
$18
$293
For a full list of offers, click on
(Reporting by Sarah El Safty, Michael Hogan and Gus Trumpiz; Editing by Andrew Heavens, Kirsten Donovan)
((Sarah.ElSafty@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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