News: UPDATE 2-Russian wheat offered lowest at Egypt's GASC tender

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    CAIRO, Nov 26 (Reuters) - Egypt's state grains buyer, the General Authority for Supply Commodities (GASC,) on Thursday received a lowest offer of $261 a tonne for 55,000 tonnes of Russian wheat in an international purchase tender, traders said.

    The offer was presented by GTCS. GASC is seeking an unspecified quantity of wheat for shipment Jan 20-31.

    At its last wheat tender on Nov. 5, GASC bought 300,000 tonnes of Russian grain.

    Egypt is looking to maintain strategic reserves of about 6 months in the face of uncertainty over global supply because of the COVID-19 pandemic.

    The finance ministry on Wednesday said it would be paying the value-added tax on the freight of imported wheat cargoes until the government ammends the law to remove those charges.

    Traders said exempting the freight from the VAT could help to lower the overall cost of importing grain at a time when prices have soared.

    Traders said the following were the offers presented at the tender in dollars per tonne on a free-on-board (FOB) basis:

     Supplier	Quantity	Origin	  FOB 
     GTCS		55,000	  Russian	 $261.00 
     Soufflet	60,000	  French	  $269.75 
     Ameropa	 60,000	  Romanian	$268.79 
     Posco	   60,000	  Russian	 $262.80 
     LDC		 60,000	  Ukrainian   $270.07 
     ADM		 55,000	  Russian	 $265.50 
     Nibulon	 60,000	  Ukranian	$264.70 
     Solaris	 60,000	  Russian	 $267.45 
     Grain	   60,000	  Russian	 $264.00 
     Export							   
    
     Cargill	 55,000	  Russian	 $266.00 
     Glencore	55,000	  Russian	 $270.86 
     Agro AST	60,000	  Russian	 $262.90 
    	Traders said the following were the best offers including 
    

    cost and freight: Supplier Quantity Origin FOB Freight C&F GTCS 55,000 RUSS $261.00 $13.83 $274.83 Posco 60,000 RUSS $262.80 $12.89 $275.69 Agro AST 60,000 RUSS $262.90 $12.89 $275.79 Grain 60,000 RUSS $264.00 $12.89 $276.89 Export

     Nibulon   60,000	UKR	 $264.70  $12.90   $277.60 
     ADM	   55,000	RUSS	$265.50  $13.85   $279.35 
    

    No purchase has yet been made but results are expected later on Thursday.

 
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