Egypt’s state grains buyer, the General Authority for Supply Commodities, is believed to have bought 280,000 tonnes of Russian wheat via direct purchases, traders said on Thursday.
The purchases comes a few days after GASC cancelled its first international wheat tender since July on Monday, citing high prices.
The lowest C&F offer at the tender was $369.95 per tonne for 40,000 tonnes of Russian wheat, with traders adding that GASC was negotiating for a price of $360 per tonne.
This year Egypt has been opting to buy wheat through private talks with traders instead of through tenders, with the supply minister saying in September that the option offered more attractive prices.
