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Tuesday, 2 June 2020

Egypt’s GASC is tapping the international wheat market

GASC is tapping the international wheat market again: State grain buyer GASC issued yesterday a global wheat tender as the country looks to secure its reserves of basic commodities amid the global pandemic, Reuters’ Arabic service reports. Egypt is looking to import 800k tonnes of wheat, and expects to harvest 3.6 mn tonnes locally, which would together give the country enough of the grain to cover 7-8 months of consumption. As of last month, GASC had only imported 240k tonnes of wheat, and its last tender had only attracted five offers.

The international wheat market has seen its share of disruptions as major exporters, including Russia and Romania, have imposed export bans as they look to secure their own supplies. Romania later lifted its ban under pressure from the European Commission, while Russia expects to follow suit next month. UK-based grains trader Gemcorp Commodities said last month it is ready to increase the quantities of Russian wheat it ships to African clients, including Egypt, if rainfall helps the new harvest rise to quality requirements.

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