(Adds C&F)
CAIRO, June 15 (Reuters) - The lowest offer presented on Tuesday at an Egyptian state purchasing tender for wheat was $250.88 a tonne for 60,000 tonnes of Russian wheat, traders said.
The offer was presented by Solaris. Egypt's state grains buyer, the General Authority for Supply Commodities (GASC,) set a tender on Monday seeking an unspecified quantity of wheat for shipment on Aug. 21-31.
GASC bought 240,000 tonnes of Romanian wheat at its last tender three weeks ago, and traders had widely expected the grain to be competitive again on Tuesday.
"The market expects to see lots of Romanian offers today and very competitive prices on a free-on-board (FOB) basis below $250 a tonne. Romania will produce a big crop and needs to find a home for it," said a European trader.
While the buyer received the most offers for Ukrainian and Romanian wheat, new Russian wheat was still competitive despite the lingering uncertainty over the country's formula-based grain export tax.
"Russian exporters are taking risks, it is not really possible to make a serious commercial calculation on what the Russian export tax level will be in August," another European trader said.
Traders gave the following breakdown of the offers presented at Tuesday's tender in dollars per tonne on a FOB basis:
- Soufflet: 60,000 tonnes of French wheat at $264.72
- Lecureur: 60,000 tonnes of French wheat at $269.97
- CHS: 60,000 tonnes of Romanian wheat at $253.96
- Cargill: 60,000 tonnes of Romanian wheat at $254.10
- Amerop 60,000 tonnes of Romanian wheat at $256.18
- Amerop 60,000 tonnes of Romanian wheat at $256.18
- Cofco: 60,000 tonnes of Romanian wheat at $258.00
- Grain Export: 60,000 tonnes of Romanian wheat at $265.00
- Solaris: 60,000 tonnes of Russian wheat at $250.88
- Solaris: 55,000 tonnes of Russian wheat at $252.88
- GTCS: 55,000 tonnes of Russian wheat at $257.00
- Agro AST: 55,000 tonnes of Russian wheat at $259.80
- ADM: 55,000 tonnes of Russian wheat at $262.00
- Posco: 60,000 tonnes of Ukrainian wheat at $258.55
- LDC: 60,000 tonnes of Ukrainian wheat at $261.00
- ADM: 60,000 tonnes of Ukrainian wheat at $264.00
- Olam: 55,000 tonnes of Ukrainian wheat at $252.75
- Inerco: 55,000 tonnes of Ukrainian wheat at $253.50
- Glencore: 55,000 tonnes of Ukrainian wheat at $256.86
Traders said the following offers were the most competitive including cost and freight (C&F):
- Solaris: 60,000 tonnes of Russian wheat at $250.88 and $27.98 freight equating to $278.86
- CHS: 60,000 tonnes of Romanian wheat at $253.96 and $27.48 freight equating to $281.44
- Cargill: 60,000 tonnes of Romanian wheat at $254.10 and $29.40 freight equating to $283.50
No purchase has yet been made but tender results are expected later on Tuesday.
