The total amount would include around 535,000 tonnes from Russia and 120,000 tonnes from Romania, according to the agency.
“Large quantities of cheap Russian wheat are still offered on export markets, which is in the interests of importers,” said a European trader. “The harvest in Russia reached a record high last summer, and the yield should be good this summer.” year, the stocks should therefore be liquidated while they continue. » Uncertainty on Ukrainian grain export routes.
Dealers said in estimates Wednesday that the Authority bought at prices of $260 and $250 a ton, respectively, on an FOB basis, which matched Tuesday night’s price estimates.
Reuters quoted two sources last month as saying the government wants exporters to ensure prices paid to farmers are sufficient to cover average production costs, which means keeping exported wheat prices between $275 and $280 or more.
Reuters reported on Tuesday that export prices for Russian wheat, which contains 12.5% protein, for May were around $265 a tonne on an FOB basis, but some traders told the agency that they were allowed to quote prices as low as $260 a ton.
One trader said: “Technical details of the price drop are unclear, but in any event, the major export sell-offs are below the $275 level, which shows me the pressure to Russia to sell wheat. I expect wheat supplies to come from Russia and European Union countries bordering the Black Sea, including Romania, will dominate export markets in the Middle East and North Africa in the coming months.
The authority has required suppliers to submit bids on an FOB basis over two shipping periods, with payment to be made on sight with financing from the International Islamic Trade Finance Corporation.
Egyptian Supply Minister Ali Al-Moselhi said earlier that his country was seriously considering approving the currencies of its commodity trading partners, including China, India and Russia, in a bid to reduce the need for dollar.
The minister added that the Egyptian government is “seriously considering” importing from different countries and adopting the local currency of these countries along with the local currency.
Moselhi added that the issue has not yet been implemented, but that the Egyptian government has already started to seek cooperation with China, India or Russia, “but so far no agreement has been reached. has been concluded”.
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