A delay by Paris 's state grain buyer in issuing letters of credit for wheat shipments has caused concern for traders. The General Authority for Supply Commodities (GASC) has not issued letters of credit for two recent shipments, according to sources. Traders said the The General Authority for Supply Commodities has also asked wheat suppliers for January shipments to either delay shipments until 11 December to 20 December or to ship without letters of credit, which guarantee payment. It is unclear why the delays are happening, but in the past acute shortages of foreign currency have led to delays in payment.
A delay by Egypt's state grain buyer in issuing letters of credit for wheat shipments has caused concern for traders. The General Authority for Supply Commodities (GASC) has not issued letters of credit for 16 recent shipments, according to sources. Traders said the GASC has also asked wheat suppliers for 11 December to 20 December shipments to either delay shipments until January or to ship without letters of credit, which guarantee payment. It is unclear why the delays are happening, but in the past acute shortages of foreign currency have led to delays in payment.