October 7, 2004

Egypt GASC May Buy Up To 600,000 MT Wheat Before Ramadan 

Egypt's main state wheat buyer, the General Authority for Supply Commodities, or GASC, is expected to import up to 600,000 metric tons of wheat for November and December shipment in a tender before the Muslim fasting month of Ramadan that could start Oct. 15, traders said.

"GASC usually buys twice as much as they buy in a normal month for Ramadan because consumption doubles," said one Cairo-based trader.

"They've already bought about 900,000 tons, which is what they need for one ordinary month, so it's expected that they could buy up to 300,000 tons for Ramadan delivery and an additional 300,000 tons for December shipment," he added.

GASC imported 295,000 tons of wheat on Sept. 17 for Oct. 15-31 shipment, 540,000 tons on Sept. 24 for Oct. 21-31 shipment and 60,000 tons in its last tender on Oct. 2.

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.