Egypt Secures Massive Russian Wheat Deal in Private Agreement

Egypt's state grains buyer, the General Authority for Supply Commodities (GASC), has purchased approximately 480,000 metric tons of Russian wheat in a private deal with trading firm Solaris. The purchase was made at a price of around $270 per ton on a cost and freight basis (C&F), which is lower than prices offered in traditional tenders. Egypt has been shifting towards direct purchases after the war in Ukraine disrupted its buying, and this strategy has allowed the country to negotiate better prices during times of uncertainty.