Egyptian GASC procured 114 thou. t of Russian wheat, Ukrainian was less competitive

Egypt's General Authority for Supply Commodities (GASC) bought 114 thou. t of Russian wheat during the 5th tender for the new campaign, Agritel reports.

"The Russian prices were more competitive than Ukrainian or Romanian origins. Compared to last week, the delivered price rose by +8 USD/t, which explains the low purchased volume," consultancy analysts say.

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It is noted that Black Sea wheat prices followed the upward trend of both Euronext and CBOT. The delay in the start of harvests in Russia and Ukraine partly explains the current tension on the physical market, Agritel comments.

"While the harvest is about to start in the central regions in both countries with much better yields than in the south, pressure on prices is anticipated by the majority of operators," the report reads.

In the 2019/20 season, grains, pulses and flour export from Ukraine totalled the record 57.2 mln t, 6.8 mln t higher YoY (2018/19: 50.4 mln t).

• GASC bought 120 thou. t of tendered Russian wheat.
• GASC purchased 120 thou. t of tendered Ukrainian wheat. It was the first tender announced for 2020/21.