Egypt's GASC books about 535,000 tonnes of wheat in tender - traders

Egypt's state grains buyer the General Authority for Supply Commodities (GASC) has provisionally bought about 535,000 tonnes of wheat in an international tender on Thursday, GASC said, confirming earlier reports from traders.

GASC confirmed the tonnage bought and shipment periods in February and March but gave no more details.

The wheat was all expected to be sourced from Russia, traders said.

The purchase is provisional as it awaits final approval from the World Bank, which is funding purchases from the tender. Offers in the tender were submitted earlier on Thursday.

GASC was seeking an unspecified quantity of wheat with finance provided in the framework of the Food Security and Resilience Support Programme funded by the World Bank to help Egypt overcome its economic difficulties.

Payment is on sight (immediate) with price offers sought on a c&f basis, which includes costs for ocean shipping. Shipment from all origins will be during the periods from Feb. 26 to March 10 and/or March 11 to March 20.