December 23, 2003

Egypt In Tender For 50,000-60,000 MT Wheat

Egypt's main-state wheat buyer, the General Authority for Supply Commodities, or GASC, is tendering for 50,000- 60,000 metric tons of optional wheat on a free on board basis for Jan. 11-20 and Jan. 21-31 shipment, traders said Monday.

GASC, at which no one was immediately available for comment, is seeking U.S. and/or French and/or Australian and/or Canadian wheat, as it has done in recent tenders, traders told OsterDowJones.

The deadline for bids is 1200 local time (1000 GMT) Tuesday, and results are expected around 1500 local time (1300 GMT).

GASC last imported wheat on Wednesday, buying 120,000 metric tons of soft Australian white wheat at $153.75 per metric ton FOB and 60,000 tons of U.S. soft white wheat at $152.82/ton.

Traders had anticipated after that purchase that GASC would re-enter the world market to secure wheat for second half of January delivery.

Egypt is forecast to import 6.5 million tons of wheat during the 2003- 04 marketing year, according to the latest report from the International Grains Council. GASC purchases account for the bulk of Egypt's imports.