Egypt's GASC buys 600,000 tonnes of Russian wheat in tender

Egypt's state grains buyer, the General Authority for Supply Commodities (GASC), said on Thursday it bought 600,000 tonnes of Russian wheat in an international tender.

The purchase comprised of 300,000 tonnes for shipment between May 10-20 and 300,000 tonnes for shipment between May 21-31, GASC said.

Traders said the cargoes were all sold at a FOB price of $275 per tonne, with a C&F price of either $293 or $294 depending on shipping costs.

In March, Reuters reported that Russia had no plans to halt its wheat exports but wanted to ensure prices to farmers were high enough to cover costs.

This would mean keeping export prices for wheat at or above $275 to $280 per tonne, sources told Reuters.

"The Russian offers obeyed Moscow's wish for a minimum FOB price of $275. It's striking that they didn't try and undercut each other," one European trader said. "Russia is in a position of strength on the market and buyers will have to pay up. This could herald a new dynamic in the market."