Exclusive-Egypt buys nearly half a million tons of Russian wheat in private deal

Egypt's state grains buyer, the General Authority for Supply Commodities (GASC), has purchased around 500,000 metric tons of Russian wheat in a private deal at a price lower than those offered in traditional tenders, as Egypt shifts towards direct purchases in the aftermath of the war in Ukraine disrupting its buying.

yahoo.com

Relevant topic timeline:

9/16/2023

Russia's Bumper Wheat Harvest Consolidates Control of Global Market Amid Ukraine War

Russia's bumper wheat harvest, coupled with the disruption of Ukraine's food exports due to the Kremlin's war, has cemented Russia's position as the leading exporter of wheat and has resulted in the lowest wheat prices in almost three years. Despite Russia's efforts to raise prices to benefit its own farmers and generate more tax revenues, the supply glut has depressed prices and made Russia the "price maker" in the market.

9/21/2023

Egypt Seeks Loan to Buy Cheaper Kazakh Wheat, Reduce Reliance on Costly Russian Imports

Egypt is in talks with an Abu Dhabi-based bank to secure a loan facility for purchasing wheat from Kazakhstan, which would serve as a cheaper alternative to Russian grain that has faced price floor restrictions.