Egypt’s GASC buys 29,000 tonnes of soyoil, 73,000 tonnes of sunoil at tender

Egypt’s state-owned General Authority for Supply Commodities (GASC) has bought more than 100,000 tonnes of sunflower oil and soyoil after closing a tender on Thursday May 9, trade sources told Fastmarkets.

The agency bought three cargoes of soyoil totaling 29,000 tonnes at $994 per tonne, with Inter Grain selling 18,000 tonnes, Green Suppliers selling 6,000 tonnes and South Korean trader Posco selling 5,000 tonnes.

The cargoes are expected to arrive between June 26 and July 10.

Meanwhile, Inter Grain sold 15,000 tonnes of sunflower oil and Mahsul Trading 12,000, with both positions intended for June 26 to July 10 arrival.

Russia-linked trading houses Aston and Green Suppliers sold two positions each, with Aston selling 6,000 tonnes of sunflower oil for June 10-25 arrival and 12,000 tonnes sold for June 26-July 10 arrival.

Green Suppliers sold a 12,000-tonne cargo and a 10,000-tonne cargo, both for June 26-July 10 arrival, while TOI sold 6,000 tonnes for June 10-25 arrival.

US-based agri-major ADM had also made three offers of soyoil, but sunoil offers were dominated by traders with connections to Russia — with 13 offers received from Aston, Inter Grain and Green Suppliers.

That amounted to almost 60% of the official lineup shown earlier in the day, with sunflower oil and soy oil prices dropping by around $50 per tonne between the first official lineup and the final positions traded.