Today, January 29, 2019, GASC will hold this year’s second tender for milling wheat to be delivered on March 11 - 20, 2019.
As a reminder, in the previous tender of January 9, 2019, Egypt purchased a large consignment (415 KMT) of milling wheat exclusively from Russia, at an average price of USD 264.87/MT C&F for delivery on February 20-28 and March 1-10, 2019.
Prices for Russian wheat have increased noticeably to date. This may make it less competitive in the upcoming tender. Russian milling wheat price in the export market has gained on average $8-10/MT FOB since the beginning of 2019, while other offers have either remained more stable or risen in price to a lesser extent.
Russia is going to expand its acreage of grains and pulses for the 2019 harvest to a 20-year high.