GASC back in for March wheat as Russian prices continue to rise.

Egypt’s state-run grains buyer GASC back in the market, looking to buy wheat for the third time in a month. At its previous tender on Feb 9, GASC booked 460,000 mt of wheat for delivery from March 12-22 at an average $222.08/mt CFR. It included 120,000 mt of Romanian wheat, ending a spell in which only Russian cargoes were bought. Russian wheat makes up about 75% of the 5.5 million mt GASC has bought so far in the 2017/18 marketing year, having come to dominate due to the sheer size of this year’s crop. However, tightening supply and continued demand has led the Agricensus Russian 12.5% protein wheat assessment to rise 4.2% since the previous tender to $203.50/mt FOB Novorossiysk, potentially opening the door to further non-Russian cargoes.