Espreso. Global

Egypt procures 500k tonnes of Russian wheat in private deals

4 September, 2023 Monday
15:03

Egypt, one of the world's largest wheat importers, has purchased about half a million tonnes of Russian wheat in a private deal concluded by a state buyer

Reuters reported the information, citing four traders.

The outlet noted that last year Egypt began to switch to direct purchases instead of tenders after the beginning of the full-scale Russian invasion of Ukraine.

According to Reuters, the General Authority for Supply of Commodities (GASC) acquired approximately 480,000 metric tonnes of Russian wheat from the Solaris trading firm at a price of around USD 270 per tonne on a cost and freight (C&F) basis. However, GASC did not provide an official comment on this matter.

According to traders, the price may be lower than the unofficial minimum price set by the Russian government to control domestic wheat prices.

Other Russian wheat suppliers submitted offers on Friday at a free-on-board price of USD 265 per tonne. They believe that this is the set minimum price.

Traders told Reuters that the minimum price is not legally binding, but that suppliers are expected to follow the instructions of the Russian Agriculture Ministry. However, the market is not clear on the level of the Russian minimum price.

It also noted that there are different minimum prices for private sales and sales at state tenders, as well as different prices for sales in each month between September and December and discounts for low-protein wheat varieties.

After the war in Ukraine disrupted the country's wheat exports, Egypt has relied heavily on relatively cheap Russian grain.

Last year, Egypt's Minister of Supply said that buying directly from suppliers allowed it to negotiate better prices in times of uncertainty. Egypt is suffering from a shortage of foreign currency after the war in Ukraine dealt a significant blow to its economy, forcing it to start postponing payments for wheat.

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