Egypt GASC negotiates lower prices for tender in Egyptian pounds

Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), negotiated lower prices with suppliers for a tender to buy wheat in Egyptian pounds from inventories already in the country, Cairo-based traders said on Sunday.

Offers for Russian wheat were lowered to 1,970 Egyptian pounds ($258.22) a tonne while those for Ukraine wheat were at 1,940 pounds a tonne, traders said.

Offers had previously been between 2,180 pounds and 2,050 pounds a tonne for Russian wheat and 2,000 pounds a tonne for Ukraine wheat.

Results for the tender, which GASC announced on Feb. 12 are expected Monday.

"We believe GASC is in need of these quantities and so they will make a purchase," one Cairo-based trader said.

Traders had said delivery of the wheat would be from March 15 to 31.