Egypt Buys Russian Wheat In Tender

Egypt's state-owned wheat buyer GASC has said it has bought 100,000mt Russian wheat in a tender at $173 FOB, plus $8.50 freight.

The winning tender was from Abu Dongol, and beat the cheapest French wheat offer by $12/tonne.

It is interesting to note how close the freight spread was between all the different origins offered, reflecting the current state of the freight market.

US wheat was offered with shipping as low as $11/tonne, with French freight offered at $8.50/tonne and shipment from Germany offered at $9/tonne.