August 25, 2006

Egypt's GASC cancels wheat tender

Egypt's state-owned General Authority For Supply Commodities, or GASC, said Thursday (Aug 24) it had cancelled a tender to buy 55,000-60,000 tonnes of wheat, for shipment Sep 21-30, and another 50,000 tonnes of wheat to be purchased in Egyptian pounds for September delivery.

"We cancelled the tender as the prices presented by the bidders were too high and they were above market prices," Nomani Nomani, Undersecretary and Vice Chairman of GASC, said.

Egypt last bought wheat Aug 18 when it purchased 60,000 tonnes of Canadian soft wheat from Bunge at the price of US$141 a tonne, on a free on board basis, for shipment Sep 11-20.