Egypt Is Running First Wheat Tender With New Payment Terms
- Egypt’s GASC to pay for grain immediately in Tuesday’s tender
- Local traders see offers eventually falling by $3-$6 a ton
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Traders will be paying extra attention to Egypt’s first wheat tender since the country changed payment terms in a move that may cut costs for the top importer and its suppliers.
The General Authority for Supply Commodities is seeking wheat for March 11-20 shipment in a tender Tuesday, the first since it changed terms to pay suppliers immediately, rather than in 180 days. That’s expected to cut loan costs for traders that need to finance the initial purchase of grain, which could then be passed on as the cargoes are sold to Egypt.