Egypt Buys Russian/Kazakh Wheat At Throw Away Prices

Egypt's state-owned wheat buyer GASC seemingly continue to have the global wheat trade fawning all over them, picking up some ludicrously cheap offers.

They've just bought Russian and Kazakh wheat in their tender results announced today, taking one 60,000 MT cargo of each at the knock-down price of just USD166/tonne plus freight.

To put into context of just how cheap that is, it's the equivalent of only GBP112/tonne FOB.

At prices that low who wants a slice of that business? Let Russia and Kazakhstan have it I say. That seems to be the conclusion that others are coming to as well, as there weren't too many other origins put up. The cheapest French wheat was USD12/tonne adrift on price. Don't bother wasting the stamp next time lads.

You are sure that's proper milling wheat aren't you Egypt? You might be in for a nasty surprise when it gets delivered in a skip with an old settee and last year's Christmas tree poking out of the top of it.

It's just an idea, but it may be worth giving it more than a casual glance when it arrives. I'm sure it will be fine, but just to put your minds at rest, we don't want any nasty surprises do we?

Russian wheat waiting to unload at Alexandria Docks