Reuters: Egypt buys nearly half a million tons of Russian wheat in private deal

Egypt has purchased almost half a million tonnes of grain from Russia in a private deal.

This was reported to Reuters by four traders familiar with the situation.

The General Authority for Supply Commodities (GASC) bought about 480,000 tonnes of wheat from Solaris at a price of $270 per tonne. 

This price, according to traders, could possibly be below an unofficial floor set by Russia's government to control domestic wheat prices.

Last year, Egypt started to move to direct purchases instead of tenders.

It will be recalled that in July 2023, Egyptian Minister of Supply Ali El-Mosil criticised Russia's withdrawal from the Black Sea Initiative and stated that Egypt would continue to import Ukrainian grain despite this.