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Thursday, 28 October 2021

GASC buys 360k tonnes of wheat + Suez canal revenues up 12.6% so far this year

The General Authority for Supply Commodities (GASC) purchased 360k tonnes of wheat from Russia, Romania and Ukraine for shipment between 1-10 December at an average price of USD 328.05 per tonne FOB and USD 360.03/mt CFR, according to Reuters. Egypt has been relying less of Russian wheat, which accounted for just 20% of all Egyptian imports by August this season, marking a seven-year low, on the back of high tariffs on exports by the Russian government.

Suez Canal Revenues were up 12.6% y-o-y between January and 25 October this year, reaching USD 5.1 bn, Suez Canal Authority boss Osama Rabie said in a statement yesterday. Some 16.6k vessels carrying 8.5% more cargo y-o-y passed through the canal during this period.

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