Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), purchased around 480,000 metric tons of Russian wheat in a private deal, negotiating lower prices than traditional tenders, as the country continues to shift towards direct purchases due to disruptions caused by the war in Ukraine.
Russia is sticking to its conditions for a return to the Black Sea grain deal, including the requirement for its state agricultural bank to be reconnected to the international SWIFT bank payments system, according to Kremlin spokesman Dmitry Peskov.
The Group of 20 nations have urged uninterrupted grain exports from Russia and Ukraine to meet the demand in developing countries and reduce global food inflation.
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.
Turkish President Recep Tayyip Erdogan stated during an interview that he trusts Russia as much as he trusts the West, and although he failed to get Russia to resume a grain deal, he secured a pledge from Russia to supply 1 million tons of grain to Africa. Erdogan also expressed optimism about improving ties with the European Union and the United States.
