According to traders, the lowest free-on-board (FOB) offer presented at an Egyptian state purchasing tender for wheat on Wednesday was $255 per metric ton for Russian wheat. Several suppliers submitted offers at this price.
The tender was issued by Egypt’s state grains buyer, the General Authority for Supply Commodities (GASC), which is seeking wheat in an international purchasing tender. The deadline for offers was May 8, and the results are expected later today.
Suppliers were asked to submit offers for payment via 270-day letters of credit, with shipment periods of June 7-17 and/or June 18-28.
The $255/MT offer for Russian wheat is the lowest price presented in the tender, underscoring Russia’s continued dominance in the global wheat export market. Russia has been able to maintain its competitiveness despite the ongoing geopolitical tensions and sanctions.
This latest tender by GASC is part of Egypt’s efforts to secure wheat supplies to meet the country’s domestic demand. As one of the world’s largest wheat importers, Egypt’s purchasing decisions can have a significant impact on global wheat prices and trade flows.
The results of this tender will be closely watched by market participants, as it will provide insights into the current state of the global wheat market and the relative competitiveness of different exporting countries.