ABU DHABI, Sept 3 (Reuters) – Egypt’s state grain buyer, the General Authority for Supply Commodities (GASC), said on Wednesday it bought 120,000 tonnes of French and Romanian wheat.
Of the total, GASC bought 60,000 tonnes of French wheat from Granit and 60,000 tonnes of Romanian wheat from Bunge, GASC Vice-Chairman Mamdouh Abdel Fattah said.
GASC said it bought the wheat at an average price of $258.89 a tonne on a cost-and-freight basis.
Traders gave the following breakdown of the purchase:
– 60,000 tonnes of French wheat from Granit at $240.40 a tonne free-on-board and $17.50 a tonne freight from Mina Shipping
– 60,000 tonnes of Romanian wheat from Bunge at $247.24 a tonne free-on-board and $12.64 a tonne freight from National Navigation
Wednesday’s tender marked GASC’s first purchase of French wheat since January, when it introduced a specification ruling out wheat with a moisture content of more than 13 percent.
January’s more stringent specification hurt the prospects for shipments from France, where the average moisture content in the 2013 harvest was 13.5 percent.
In June, GASC raised its tolerance again for moisture content to 13.5 percent with heavier penalties.
Egypt, the world’s top wheat importer, has so far bought 1.185 million tonnes of wheat from the international market since the start of the fiscal year on July 1.
The supply ministry said last month its stocks had increased to six months’ worth, to last until the end of 2014.
Egypt purchased 5.46 million tonnes of wheat from abroad in the 2013-2014 fiscal year in addition to 3.7 million tonnes of local wheat.
Traders said the following offers were presented in the tender, in dollars a tonne, on a free-on-board basis, unless otherwise stated:
* Bunge: 60,000 tonnes Romanian wheat at $247.24, 60,000 tonnes French wheat at $248.01
* Cargill: 60,000 tonnes Russian wheat at $252, 60,000 tonnes French wheat at $245.5
* Louis Dreyfus: 60,000 tonnes Russian wheat at $256
* Granit: 60,000 tonnes French wheat at $240.40
* Glencore: 55,000 tonnes Russian wheat at $253.28, 60,000 tonnes French wheat at $247.48
* Soufflet: 60,000 tonnes French wheat at $245.94
* Nidera: 60,000 tonnes Russian wheat at $256.24
* Noble: 60,000 tonnes Russian wheat at $251.95
* Vitol: 60,000 tonnes Russian wheat at $257
* Venus: 60,000 tonnes Russian wheat at $252.50
FREIGHT Traders also said the following freight (ocean shipping) offers were made in the tender, in dollars a tonne:
* National Navigation: $12.64
* Mina Shipping: $11.54
* Mina: $17.50 and $17.70
* National Navigation: $12.60
* Mina Shipping: $11.75, $11.90 for 60,000 tonne cargo and $12.25 for 55,000 tonne cargo
* Glencore: $16.43 for 55,000 tonnes (for own cargo) (Reporting By Maha El Dahan; additional reporting by Valerie Parent in Paris and Sarah McFarlane in London; editing by David Evans and Susan Thomas)