Exclusive-Egypt buys nearly half a million tons of Russian wheat in private deal

By Sarah El Safty and Michael Hogan CAIRO (Reuters) - Egypt's state grains buyer bought about a half a million metric tons of Russian wheat in a ...

STORY CONTINUES BELOW THESE SALTWIRE VIDEOSCAIRO - Egypt's state grains buyer bought about a half a million metric tons of Russian wheat in a private deal, four traders told Reuters, succeeding in negotiating lower prices than those offered in the more traditional tenders.

The General Authority for Supply Commodities bought about 480,000 metric tons of Russian wheat from trading firm Solaris on Friday, at a price of about $270 a ton on a cost and freight basis , the traders said.Traders have told Reuters the price could possibly be below an unofficial floor set by Russia's government to control domestic wheat prices.

Traders told Reuters the price floor was not legally binding but that suppliers were expected to follow instructions from Russia's agriculture ministry.Traders say there are different minimum prices for private sales and sales in public tenders, as well as different prices for sales in each month between September and December and discounts for lower protein wheat grades.

Traders told Reuters at the time that this had weighed on Russian wheat's competitiveness, with GASC buying cheaper Romanian and French wheat instead.After the war in Ukraine disrupted the country's wheat exports, Egypt had been mainly relying on the relatively cheap Russian grain.

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