France has overtaken Russia as the second biggest wheat exporter to Egypt, Agrimoney.com reports.

 

Both countries supply wheat to Egypt through the GASC, Egypt's main wheat acquisition agency.

 

In its 12th wheat tender which began on July 2014, GASC bought 60,000 tonnes of French grain including freight for US$260/tonne.

 

Egypt bought a total of 600,000 tonnes of wheat from France this season compared to only 585,000 tonnes from Russia.

 

Romania, however, remains as Egypt's number one supplier at 660,000 tonnes.

 

The recent tender reveals a recovery in wheat values, with GASC paying the highest price since July.

 

The modest price recovery has been attributed to recent developments, including broader recovery in Chicago contracts, delays in US plantings and drought and frost damage to Australia's crop.

 

The cheapest offer for Russian wheat during the last tender on October 21 came from Vitol at US$257.95/tonne.

 

The winning French tender, at US$244.44/tonne from Soufflet, was US$10/tonne more expensive than a previous offer.

 

With Egypt's less stringent import requirements, French merchants stand to benefit in their trade with GASC.