June 15, 2012

Egypt's state wheat buyer obtains six-month stocks

The state wheat buyer of Egypt had bought its six months' supply from domestic and foreign sources and was looking to issue a new international wheat tender for August delivery.

Nomani Nomani, vice chairman of the General Authority for Supply Commodities (GASC), told Reuters local purchases would continue "until the last farmer's grain".

He said supplies had reached 3.18 million tonnes by June 12 compared to 2.4 million a year earlier. Purchases could extend beyond July 31, he added.

Regarding moisture levels for international purchases, he said there was no change in policy: "I want 13%, but if it exceeds by 0.1, 0.2, I immediately get a discount. The maximum is 13.5% ... This has not changed until now."