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Wednesday, 29 August 2018

GASC purchases 350k tonnes of Russian, Ukrainian wheat for October delivery

The General Authority for Supply Commodities (GASC) purchased 350k tonnes of Russian and Ukrainian wheat in an international tender yesterday, Reuters’ Arabic service reports. GASC reportedly paid an average USD 241.31 per tonne, sources told Agri Census (paywall). The bill is 4% lower than the record USD 250 per tonne that Egypt paid for wheat earlier this month, when a drought in Europe and the Black Sea region drove prices up to a three-year high. The new shipments, of which 290k tonnes are Russian, are scheduled for delivery between 11-20 October. On a related note, Russian agriculture holding company Steppe is reportedly interested in joining GASC’s list of approved grain suppliers, a source familiar with the matter told Reuters. The decision is part of Steppe’s forward-looking strategy to boost exports and rise through the ranks of Russia’s grain traders.

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