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English news

14-Feb-2016

In a rare move, Egypt's GASC postpones wheat tender results

Egypt's state grain buyer asked suppliers on Saturday to extend the validity of their offers in its wheat tender until Sunday when it will continue talks and announce results, in a rare move reflecting its struggle to secure wheat amidst a row over quality control. Egypt, the world's largest wheat importer, only received four offers at its international tender to buy the grain on Saturday as suppliers remained reluctant to sell to it following concern about limits on imports of wheat containing the ergot fungus. State grain buyer GASC's vice chairman told Reuters the extension was possible as global markets are closed on Sunday, meaning prices will not move. Suppliers have been presenting offers to GASC with a risk premium added to the price for the past two tenders on the back of uncertainty about the allowed limits of ergot, a grain fungus found in wheat worldwide. (Reuters)

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