Egypt’s GASC has sold around 300,000 T of wheat via new commodities exchange

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CAIRO, Jan 16 (Reuters) – Egypt’s state grains buyer the General Authority for Supply Commodities (GASC) has sold around 300,000 tonnes of wheat via the new Egyptian Mercantile Exchange since its November launch, the exchange head Ibrahim Ashmawy said on Monday.

The wheat was mostly of Russian origin with some German wheat also sold, Ashmawy told Reuters.

GASC said last November it will be able to make international wheat purchases through the newly launched exchange, which is also aimed at eliminating local price distortions. (Reporting by Sarah El Safty; Writing by Alaa Swilam; Editing by Jan Harvey)

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