June 25, 2007

Egypt's GASC buys 120,000 tonnes of US soft red wheat

Egypt's state-owned General Authority for Supply Commodities, or GASC, said Saturday (June 23) it bought 120,000 metric tonnes of US soft red wheat in a tender.

GASC bought 60,000 tonnes from Bunge at the price of US$210.67 a tonne, on a free on board basis, for shipment July 16 to 31, said Nomani Nomani, undersecretary of the vice chairman of GASC.

GASC also bought 60,000 tonnes in a local tender from Venus at the price of 1,562.29 Egyptian pounds (US$274.39) a tonne for delivery Aug. 1-20, on the basis of landed cost out of the free zone areas, he added.

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 on July 10 to August 20.