Wednesday, March 16, 2016

Egypt buys more wheat at premium price, as US urges reforms

Critical food product still being shipped for now.

Egypt bought further wheat at prices which appeared a little over those offered importers deemed less risky, even as a US report urged the country to reform a tender process which had been marred by an "uncertain and chaotic environment". 
Gasc - the grain authority for Egypt, the world's top wheat importer – bought 240,000 tonnes of wheat on Tuesday, taking to 4.2m tonnes its purchases at tender so far in 2015-16, at a cost of some $840m. 
However, the tender was marked once again by an unusually low volume of wheat on offer, at six cargos, compared with the more than 20 Gasc was receiving at events late last year, before worries first over Egyptian credit quality and then over a zero tolerance policy on a common fungal contaminant deterred merchants.

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