Summary: Today, Egypt’s GASC purchased 350,000 MT of wheat from Russia and Ukraine. Unlike the previous two tenders, no wheat was purchased from the U.S. Two weeks ago they purchased 60,000 MT each from Russia and Romania and 120,000 from the U.S. The average CIF price that Egypt paid for the wheat was $253.51/MT. That is just $0.14/MT below the price paid Oct 26, which was the highest price paid since January 2015. Three months ago, Egypt purchased wheat at $235/MT (CIF). On a FOB basis, the price paid today was $237.32/MT, up $8.91/MT from the last tender (on Nov 22). In the Nov WASDE, USDA left its projection for Egypt’s 2018/19 imports unchanged at a record 12.5 MMT, up 100,000 MT from last year.
After purchasing 240,000 MT of wheat from Russia, Romania, and the U.S. on Nov 22, Egypt’s GASC bought 350,000 MT from Russia and Ukraine today. Unlike the previous two tenders, no wheat was purchases from the U.S. The average FOB price paid in the tender was $237.32/MT, up $8.91/MT from the price paid at the last tender (see chart below).
The average cost of freight was $16.18/MT, $8.37/MT less than the previous tender (see chart below).
The average total CIF price paid at this tender was $253.51/MT, $0.54/MT more than the price paid at the last tender (see chart below). It is just a few cents below the price paid Oct 26 which was the highest price paid by GASC for wheat since January 2015.