Frontrunner - 8th July 2022

The General Authority for Supply Commodities (GASC) adopted a change to its method for wheat import purchases this week, entering into direct talks with exporters in preference to where it usually holds a general purchase tender. Egypt bought around 444,000 tonnes, adding to the 815,000 tonnes it bought last week, split between Russia with 214,000 tonnes, France with 170,000 tonnes and 60,000 tonnes from Romania. Shipment will be between September through to the end of October and contrasts significantly to last season, where early imports were dominated by Russian and Ukrainian supplies. The EU has dominated the sales, securing two thirds of the 1.2 million tonnes made in recent days. This highlights the attraction and importance of competitive grain, free from taxes, quotas or sanctions. Egypt has subsequently bought a further 63,000 tonnes from Germany at $420 including freight and it is rumoured further sizeable German sales have been made to Iran.

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