February 9, 2004

Egypt's GASC Buys Total Of 235,000 MT Wheat

Egypt's main-state wheat buyer, the General Authority for Supply Commodities, or GASC, said Saturday that it bought a total of 235,000 metric tons of Australian and U.S. wheat at its tender for March 5-15 shipment on a free on board basis.

Of the total, GASC bought a 55,000-ton cargo of U.S. hard red winter wheat from Toepfer at $162.97/ton, Nomani Nomani, GASC's general manager, said.

GASC also bought two 60,000-ton cargoes of Australian standard white wheat at $152.70/ton and a cargo of Australian hard at $162.80/ton, he said.

GASC last imported wheat on Jan. 29, securing one 55,000-ton cargo of U.S. hard red wheat from Toepfer at $164.44/ton and a 60,000-ton cargo of U.S. soft white wheat from Columbia Grain at $152.21/ton for March 1-10 delivery FOB.

Including Saturday's purchase, GASC has imported a total of 4.005 million tons of wheat since the beginning of the marketing year that began July 1.

Of that, 2.285 million tons of U.S. wheat and 1.32 million tons of Australian wheat were secured through GASC's tender process.

Some 400,000 tons of Syrian wheat was purchased outside tenders in

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.