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Summary Egypt seeking cheaper wheat amid dollar crunchRussia blocked deal that undercut price floor- tradersCAIRO, Sept 21 (Reuters) - Egypt is in talks with an Abu Dhabi-based bank for a loan facility that would finance wheat purchases from Kazakhstan, three traders told Reuters. The move could give Egypt a cheap alternative to grain from Russia, which has supplied an increasing share of Egypt's wheat since last year but recently blocked a deal for a purchase below an unofficial price floor for wheat purchases, traders say. Russia's agriculture ministry recently prevented the private sale of 480,000 tons of Russian wheat to Egypt, apparently because it was sold below the price floor, traders told Reuters. Kazakhstan is already an approved wheat import origin for Egypt, but purchases from the Central Asian country are rare. The Egyptian government recently signed a $500 million loan agreement with the Abu Dhabi Exports Office (ADEX) to buy imported wheat from UAE-based agribusiness Al Dahra.

Persons: Abu, GASC, Sarah El Safty, Michael Hogan, Aidan Lewis, Mark Potter Organizations: Reuters, General Authority for Supply Commodities, Central, Abu, Abu Dhabi Exports Office, Thomson Locations: Egypt, Russia, CAIRO, Abu Dhabi, Kazakhstan, Ukraine, France, Bulgaria, UAE

Traders have told Reuters the price could possibly be below an unofficial floor set by Russia's government to control domestic wheat prices. Other Russian wheat suppliers submitted offers on Friday at a free-on-board price of $265 per metric ton, believing it to be the set price floor, and a C&F price that exceeded $270 per ton. Traders told Reuters the price floor was not legally binding but that suppliers were expected to follow instructions from Russia's agriculture ministry. There is a lack of clarity in the market about the level of the Russian minimum floor price. GASC had also privately bought one cargo of Bulgarian wheat at $270 per ton C&F on Friday.

Persons: Mohamed Abd El Ghany, GASC, Sarah El Safty, Michael Hogan Organizations: REUTERS, Rights, General Authority for Supply Commodities, Solaris, Reuters, Traders, Abu, Abu Dhabi Exports Office, Thomson Locations: Al Qalyubia Governorate, Egypt, Rights CAIRO, Ukraine, Abu Dhabi, UAE

☆ Egypt begins offering corn on commodities exchange
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: +1 min

CAIRO, April 15 (Reuters) - Egypt's state grains buyer started offering yellow corn on the country's newly-launched commodities exchange on Thursday, exchange head Ibrahim Ashmawy said in a statement on Saturday. Egypt's state buyer, the General Authority for Supply Commodities (GASC), started issuing rare tenders for corn earlier this year in an effort to address a feed crisis that hurt small producers and even led some farmers to cull chicks. Supply Minister Ali Moselhy had said the corn would be offered to local producers on the exchange. Egypt's annual urban consumer inflation rate in March climbed to 32.7% year-on-year, just shy of an all-time record. GASC has similarly offered wheat to struggling mills via the exchange, selling nearly 570,000 tonnes since the launch of the exchange in November, the statement added.

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