🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

UPDATE 2-Egypt's GASC receives offers at wheat tender

Published 21/01/2017, 12:20 am
© Reuters.  UPDATE 2-Egypt's GASC receives offers at wheat tender

(Adds C&F offers, trader comments)

ABU DHABI/CAIRO, Jan 20 (Reuters) - The lowest offer at Egyptian state grain buyer GASC's wheat tender was $188.74 a tonne free on board (FOB) for 60,000 tonnes of Ukrainian wheat, Cairo-based traders said on Friday.

GASC received offers from eight suppliers, with six for Russian wheat and one each for Ukrainian and Romanian wheat, they said.

"Russia continues to dominate in terms of volume while Ukraine still has cheap supplies available despite large Ukrainian sales to India," one European trader.

Results of the tender are due later on Friday.

Egypt, the world's largest wheat buyer, recently streamlined its wheat inspection regime, a response to a months-long standoff over import rules on the common grains fungus ergot last year that led to tender boycotts by trading companies. continues to stabilise but is still below the levels before the ergot problems," the European trader said of Friday's turnout.

Traders said the following offers were made (dollars per tonne FOB):

*Louis Dreyfus: 60,000 tonnes of Ukraine wheat at $188.74

*Daewoo: 60,000 tonnes of Russian wheat at $194.75

*ECTP: 60,000 tonnes of Russian wheat at $194

*ADM: 60,000 tonnes of Russian wheat at $195

*Olam: 60,000 tonnes of Russian wheat at $194

*Glencore: 60,000 tonnes of Russian wheat at $194

*Alegrow: 60,000 tonnes of Russian wheat at $193.50

*Nidera: 60,000 tonnes of Romanian wheat at $196.95

Traders also said the following were the cost and freight (C&F) offers in dollars per tonne:

*Louis Dreyfus: 60,000 tonnes of Ukrainian wheat at $188.74 FOB and $12.43 freight equating to $201.17 C&F

*Allegro: 60,000 tonnes of Russian wheat at $193.50 FOB and $10.89 freight equating to $204.39 C&F

*ECTP: 60,000 tonnes of Russian wheat at $194.00 FOB and $10.89 freight equating to $204.89 C&F

*Olam: 60,000 tonnes of Russian wheat at $194.00 FOB and $10.89 freight equating to $204.89 C&F

*Glencore: 55,000 tonnes of Russian wheat at $194.00 FOB and $11.91 freight equating to $205.91 C&F

GASC is seeking the wheat for shipment from Feb. 22-March 3.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.