Source: Egypt buys 480,000 tns of Russian wheat

MOSCOW, Oct 11 (PRIME) -- Egypt’s General Authority for Supply of Commodities (GASC) has acquired 480,000 tonnes of Russian wheat without a tender at U.S. $265 per tonne, a market source told PRIME late on Tuesday.

The source said that the agreement encompasses FOB delivery of eight 60,000-tonne batches of wheat by ship under a letter of credit with a 270-day deferment.

The Russian Union of Grain Exporters also said in its statement that GASC had procured a large amount of Russian wheat through private negotiations. The union did not disclose any other details of the deal saying only that delivery time is November–December.

End %%md/jst%%