Egypt’s state grains buyer bought about a half a million metric tons of Russian wheat in a private deal, four traders told Reuters, succeeding in negotiating lower prices than those offered in the more traditional tenders.
One of the world’s biggest importers of wheat, Egypt last year started shifting towards direct purchases instead of tenders after the war in Ukraine disrupted its buying.
The General Authority for Supply Commodities (GASC) bought about 480,000 metric tons of Russian wheat from trading firm Solaris on Friday, at a price of about $270 a ton on a cost and freight basis (C&F), the traders said.
GASC was not immediately available for comment.
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Traders have told Reuters the price could possibly be below an unofficial floor set by Russia’s government to control domestic wheat prices.
Other Russian wheat suppliers submitted offers on Friday at a free-on-board price of $265 per metric ton, believing it to be the set price floor, and a C&F price that exceeded $270 per ton.
Continue here: Reuters
