Back to the complete issue
Tuesday, 7 June 2016

Wheat season to end mid-June, supply reaches 4.7 mn tons

The domestic wheat harvest season will officially end on the June 15, with Supply Minister Khaled Hanafy telling Al Borsa that the state has bought 4.7 mn tonnes of local wheat, up 5.5% from the ministry’s target of 4-4.5 mn tonnes. Hanafy refuted reports that supply would hit 5 mn tons by mid-June, with the daily supply rate dropping 85% compared to the mid-season rate, according to an unnamed source. The ministry is currently in talks with the Principal Bank for Development and Agricultural Credit about providing benefits to farmers who produced amounts exceeding their targets. The bank is due to settle with farmers within three days at the latest. Meanwhile, mills are currently awaiting a decision from the ministry to begin the wheat-grinding process as the state is temporarily halting wheat imports to try to curb the mixing of locally sourced and imported wheat.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.