Wheat prices for Egypt rose by 21 % over the week

Wheat prices on a C&F Egypt basis have reportedly surged by around 21% over the past week, moving above $300/ton. The sharp increase comes amid changing supply logistics and higher costs of grain shipped from alternative origins.

On August 28, Egypt reportedly purchased 12.5% protein wheat shipped from Baltic ports at an average price of around $310/ton CIF Egypt.

Large lots of Russian 12.5% protein wheat from Baltic ports are currently offered at around $315–317/ton CIF Egypt. Buyers are reportedly indicating levels of around $313–314/ton CIF.

The gap between sellers and buyers therefore remains relatively narrow at around $2–4/ton. Current price levels are nevertheless substantially higher than those available to Egyptian importers just a week earlier.

The move above $300/ton is increasing procurement costs for one of the world’s largest wheat importers. Further price developments will largely depend on the cost and availability of wheat supplies to Egypt in the coming weeks.

Tags: logistics, Egypt, prices, wheat