Egypt booked tendered Ukrainian wheat offered by LDC
During a tender on February 2, the Egyptian national buyer GASC bought 480 000 t of milling wheat for March 15-30 loading period, Zerno On-Line reports.
Wheat will be supplied by:
- Viterra: 120 000 of French wheat at 291.7 $/t FOB and $20.25 of freight, 311.95 $/t C&F
- Soufflet Négoce (Soufflet Group): 120 000 of French wheat at 291.7 $/t FOB and $20.25 of freight, 311.95 $/t C&F
- LDC: 60 000 of Ukrainian wheat at 294.85 $/t FOB and $16.35 of freight, 311.2 $/t C&F
- Solaris Commodities: 60 000 of Russian wheat at 295.8 $/t FOB and $15.4 of freight, 311.2 $/t C&F
- CHS: 60 000 of Romanian wheat at 296.6 $/t FOB and $14.63 of freight, 311.23 $/t C&F
Agritel analysts noted that the Egyptian GASC tender was eagerly expected since mid-January after the cancellation of its previous tender. Yesterday Egypt secured a large volume of wheat at 480 000 t. France has the lion's share with 240 000 t contracted.
"Despite the imminent introduction of export taxes in Russia, 120 000 t of wheat were sold to Egyptian state buyer. This situation seems to indicate a change in the strategy of the producers, who have decided to sell the rest rather than wait for the end of the season. They seem to be resigned to the introduction of the floating tax in the coming months," the report reads.
As a reminder, GASC purchased 120 000 of Romanian and 115 000 of Ukrainian wheat in December 2020.
Staple grains export shipment from Ukraine as of February 1 made up 28.78 mln t, 21.3% lower YoY.
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