June 18, 2007

Egypt's GASC cancels wheat tender due to unsuitable prices

Egypt's state-owned General Authority for Supply Commodities (GASC), said Friday (Jun 15) it cancelled a tender to buy a minimum of 55,000-60,000 tonnes of wheat, on a free on board basis, due to high prices.

"We cancelled the tender because the prices weren't suitable," Nomani Nomani, undersecretary of the vice chairman of GASC, told Dow Jones Newswires.

GASC last bought wheat June 2 when it purchased 240,000 tonnes of US soft red wheat and Russian and/or Kazakhstan wheat, in Egyptian pounds, for delivery July 10 to Aug 20.