Egypt Secures Massive Private Deal for Russian Wheat: Exclusive
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), lower than prices offered in traditional tenders. Egypt, one of the world's largest wheat importers, has been shifting towards direct purchases due to disruptions caused by the war in Ukraine. The price may be below Russia's unofficial floor price, which aims to control domestic wheat prices. The move comes as Egypt faces a foreign currency crunch and seeks to negotiate better prices during times of uncertainty.