Reuters beats competition to Egypt’s first Kazakh wheat buy

Reuters beat Bloomberg and Dow Jones on news that Egypt’s GASC had purchased 180,000 tonnes of Russian and Kazakh wheat and ignored French wheat offers. The buy was a factor in dampening French grain prices as hopes that GASC’s vice chairman, on a visit to France at the time of the purchase, would change tender terms unfriendly to French wheat, were lowered. The purchase also signaled the return of Kazakh wheat to the Egyptian market after a long absence.