September 7, 2004
 
 
Egypt GASC Says Buys 230,000 MT Of US, Argentinean, French Wheat

Egypt's main wheat buyer, the General Authority for Supply Commodities, or GASC, said Monday that it bought a total of 230,000 metric tons of U.S., Argentinean and French wheat at its tender Saturday for Oct. 1-15 shipment basis free on board.
 
Of the total, GASC bought 55,000 tons of U.S. soft red winter from Louis Dreyfus at $139.99/ton FOB, 60,000 tons of U.S. soft white wheat from United Harvest at $144.28/ton FOB, said GASC's general manager Nomani Nomani.
 
GASC also bought 55,000 tons of Argentinean wheat at $128.75/ton and 60,000 tons of French wheat from Lecureur at $138.30/ton, he said.
 
Traders said GASC negotiated a one dollar discount per ton on the French wheat from Lecureur which was initially offered at $139.30/ton.
 
GASC cancelled its last tender on Aug. 25 due to the high prices of wheat offered.
 
Egypt is forecast to import seven million tons of wheat during the 2004-05 marketing year, according to the latest report from the International Grains Council. GASC purchases account for the bulk of Egypt's imports.