Egypt's GASC receives offers in wheat tender

CAIRO - 6 December 2018: The lowest offer for wheat presented at Egyptian state grain buyer GASC’s international purchase tender on Thursday was $236.30 a tonne for 60,000 tonnes of Russian wheat for shipment Jan. 21-31 free on board (FOB), traders said.

The offer was presented by Daewoo. Results are expected later on Thursday.

GASC is seeking an unspecified amount of wheat for the end-January shipping period.

Traders told Reuters on Wednesday that GASC had delayed wheat payment guarantees for some shipments that had already arrived in the country.

Sources had said that letters of credit for 16 recently purchased wheat cargoes, of which at least five have already arrived at Egyptian ports, had not been issued.

The supply ministry later said the payment guarantees had since been issued for three wheat cargoes due Dec. 1-10 and would be issued for the five cargoes due Nov. 11-20.

GASC had asked suppliers who sold eight cargoes for the Dec. 11-20 shipping period if they could delay shipments to January or ship without letters of credit, according to traders with knowledge of the matter.

Traders said the following offers were made in dollars per tonne FOB:

* Daewoo: 60,000 tonnes of Russian wheat at $236.30

* Daewoo: 55,000 tonnes of Russian wheat at $236.75

* Louis-Dreyfus: 60,000 tonnes of Ukrainian wheat at $237.25

* Aston: 60,000 tonnes of Russian wheat at $237.65

* Glencore: 55,000 tonnes of Russian wheat at $237.99

* Glencore: 60,000 tonnes of Romanian wheat at $239.64

* GTCS: 60,000 tonnes of Russian wheat at $238.00

* GTCS: 60,000 tonnes of Russian wheat at $241.00

* ADM: 60,000 tonnes of Romanian wheat at $240.64

* ADM: 60,000 tonnes of Russian wheat at $244.50

* Garant Logistics: 60,000 tonnes of Russian wheat at $250.00

* Agro Industrial: 60,000 tonnes of Russian wheat at $245.00

Traders said the following were the best cost-and-freight (C&F) offers in dollars per tonne:

* Daewoo: 60,000 tonnes of Russian wheat at $236.30 and $15.90 freight, equating to $252.20

* Daewoo: 55,000 tonnes of Russian wheat at $236.75 and $16.65 freight, equating to $253.40

* Aston: 60,000 tonnes of Russian wheat at $237.65 and $15.90 freight, equating to $253.55

* GTCS: 60,000 tonnes of Russian wheat at $238.00 and $15.90 freight, equating to $253.90

* Louis-Dreyfus: 60,000 tonnes of Ukrainian wheat at $237.25 and $16.70 freight, equating to $253.95

* Glencore: 60,000 tonnes of Romanian wheat at $239.64 and $14.70 freight, equating to $254.34

* ADM: 60,000 tonnes of Romanian wheat at $240.64 and $14.25 freight, equating to $254.89