Being one of the world’s largest wheat importers, Egypt continues to actively buy grain from Russia. The agency reports Reutersquotes four private traders.
Sources said Egypt’s state-owned grain company GASC purchased about 480,000 tons of Russian wheat from Solaris trader for about $270 per tonne on a cost and freight (CFR) basis. At the same time, the price of CFR Russian wheat varies in the range of 286.25-291 dollars per ton. After that, GASC also bought a batch of Bulgarian wheat at a price of $270 per tonne CFR. Egypt has been suffering from a foreign exchange shortage since the beginning of the conflict in Ukraine and this is causing turmoil in the country’s economy.
Egypt has recently switched from grain purchase auctions to direct agreements in order to obtain better prices according to the situation in the world market. Traders state that the price in the special deal fell below the unofficial floor that Russia set to control domestic wheat prices.
It was learned that grain exports were made from Russia last week. augmented for the quarter.
Last ship previously covered by grain agreement left Black Sea.