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|06 December, 2018

Egypt's GASC tender draws low offer of $236.30/T for 60,000 T Russian wheat -traders

The offer was presented by Daewoo.

CAIRO- The lowest offer for wheat presented at Egyptian state grain buyer GASC's international purchase tender on Thursday was $236.30 a tonne for 60,000 tonnes of Russian wheat for shipment Jan. 21-31, free on board (FOB), traders said.

The offer was presented by Daewoo. Results are expected later on Thursday.

GASC is seeking an unspecified amount of wheat for the end-January shipping period.

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Traders told Reuters on Wednesday GASC had delayed wheat payment guarantees for some shipments that had already arrived in the country but the supply ministry dismissed criticism.

Sources had said letters of credit for 16 recently purchased wheat cargoes, of which at least five have already arrived at Egyptian ports, had not been issued but the supply ministry later said the payment guarantees had since issued for three wheat cargoes due Dec. 1-10 and would be issued for the five cargoes due Nov. 11-20. 

GASC had asked suppliers who sold 8 cargoes for the Dec. 11-20 shipping period if they could delay shipments to January or ship without letters of credit, according to traders with knowledge of the matter.

Traders said the following offers were made in dollars per tonne on an FOB basis for Jan. 21-31 shipment:

* Daewoo: 60,000 tonnes of Russian wheat at $236.30

* Daewoo: 55,000 tonnes of Russian wheat at $236.75

* Louis-Dreyfus: 60,000 tonnes of Ukrainian wheat at $237.25

* Aston: 60,000 tonnes of Russian wheat at $237.65

* Glencore: 55,000 tonnes of Russian wheat at $237.99

* Glencore: 60,000 tonnes of Romanian wheat at $239.64

* GTCS: 60,000 tonnes of Russian wheat at $238.00

* GTCS: 60,000 tonnes of Russian wheat at $241.00

* ADM: 60,000 tonnes of Romanian wheat at $240.64

* ADM: 60,000 tonnes of Russian wheat at $244.50

* Garant Logistics: 60,000 tonnes of Russian wheat at $250.00

* Agro Industrial: 60,000 tonnes of Russian wheat at $245.00

(Reporting by Maha El Dahan in Dubai, Michael Hogan in Hamburg and Nadine Awadalla in Cairo; editing by Jason Neely and David Evans) ((Nadine.Awadalla@thomsonreuters.com;))