January 9, 2004

Egypt Buys 60,000 MT US Wheat

Egypt's main-state wheat buyer, the General Authority for Supply Commodities, or GASC, Thursday bought 60,000 metric tons of U.S. soft red winter wheat at $162.00/ton free on board, senior GASC official Saeed Hifny said.

Saeed said the wheat was bought from Bunge and is for Feb. 1-15 delivery.

GASC announced the tender late Wednesday, seeking 50,000-60,000 tons of optional U.S., Canadian, French and/or Australian wheat for Feb. 1-15 delivery.

GASC last purchased wheat through the tender process on Dec. 24, securing 180,000 tons, which included 120,000 tons of Australian soft wheat and 60,000 tons of U.S. soft white wheat for shipment Jan. 21-31.

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.