Egypt Buys Russian Wheat Again

Penny pinching cheapskates GASC bought two 60,000 MT cargoes of Russian wheat over the weekend at even cheaper money than they managed to cajole out of sellers last weekend.

USD165/tonne was the magic number this time round, which is now the equivalent of less than GBP110/tonne FOB, with the pound having firmed since the last tender was done.

The cheapest French wheat was almost USD12/tonne dearer than that, with US wheat coming in at USD15/tonne dearer, and that's before you add on a further USD20 or so freight differential.

Egyptian cargo superintendents inspect the latest arrival for brown envelopes.