In an Egyptian state purchasing tender for wheat held on Tuesday, the national grain buyer, the General Authority for Supply Commodities (GASC), received the lowest free-on-board (FOB) offer of $227 per metric ton (MT) for 60,000 tons of Russian wheat. The offer was presented by the trading company Olam.
This was the lowest offer received at the tender, which is part of Egypt’s efforts to secure wheat supplies for its bread subsidy program that supports millions of low-income citizens. Egypt is one of the world’s largest wheat importers and relies heavily on imported wheat to meet domestic consumption needs.
The tender result reflects the ongoing volatility in global wheat markets, which have seen prices fluctuate due to factors like the conflict in Ukraine, drought in major producing regions, and supply chain disruptions. The competitive bidding at the GASC tender underscores the dynamic nature of the international wheat trade as countries strive to ensure food security for their populations.