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Thursday, 27 August 2020

Egypt buys record quantity of wheat from Russia in int’l tender

State grain buyer GASC made a near-record wheat purchase from Russia on Tuesday, picking up 530k tonnes in a tender — the most it has bought from Russia since the 2012-2013 season, Bloomberg reports. Russia’s near-record harvest has allowed it to sweep the competition and provide 80% of Egypt’s purchases this season, nearly twice as much as the same time last year, the report adds. “It’s great to have such a big buyer, especially when demand elsewhere has been rather low,” said Dmitry Rylko, director general at the Institute for Agricultural Market Studies (IKAR).

“Russia first” for seasons to come? Egypt hasn’t booked wheat from anyone but Russia all month, a trend likely to continue for a while, according to the Russian Grain Union. Russia’s harvest this season has placed it atop the world’s exporters, as Ukraine, France, and Romania have seen their hauls decline this season. This, coupled with the ruble’s decline against the USD, has allowed Russia to dominate the market.

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