Egyptian state grain buyer GASC is expected to return next month with a wheat tender, sources said, as it makes its way through its current oversupply.
Egypt currently has a stockpile of 1.3 million mt of wheat after its 14 tenders this marketing year starting July 1, according to sources.
But with a monthly consumption rate of 900,000 mt to 1 million mt, "GASC will [likely] return to the market in around two weeks," a source said.
GASC most recently booked 180,000 mt of Russian wheat on October 4 for December 1-10 delivery at an average $235.55/mt FOB or $253.24/mt CNF.
To date GASC has purchased around 3.4 million mt of wheat, down 7.5% on the year.
With Russian FOB prices under some pressure due to a limited number of buyers in the market, prices may remain steady or lower than the previous tender.
