Egypt has enough wheat stocks for six months

Egyptian Prime Minister Mustafa Madbouly said the country’s strategic wheat reserves are sufficient for more than six months of consumption, but it may go to the world market to buy a large volume when prices are low. This was reported by Reuters.

Egypt planned a very large wheat purchase (up to 3.8 million tons) in a tender in August, but contracted only 280,000 tons as prices were higher than expected. Direct negotiations with suppliers have also failed so far.

“Egypt is now trying all ways to lock in lower prices, whether it is a tender, direct deals or adding new sources of imports,” said Hesham Soliman, a Cairo-based grain trader. “However, the latest tender revealed the quantities Egypt needed and suppliers took advantage of this, as we saw from the prices.”

Tags: Egypt, wheat, stocks