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Thursday, 6 July 2017

Agriculture Ministry raises price of purchasing local yellow corn, cuts back on imports

Egypt is planning to cut down on yellow corn imports during FY2017-18 to 7 mn tonnes, down from 8.5 mn tonnes during the previous year as local production rises, Agriculture Minister Abdel Moneim El Banna said, Reuters reports. The government will purchase each tonne of corn for EGP 3,400 this fiscal year, up from EGP 1,700, which is expected to increase the total area of land used to cultivate corn, El Banna said. However, local farmers say the new price is unfair and is not reflective of the increased costs they have incurred over the past year, Al Mal reports. Farmers will hold a meeting with the House’s Agricultural Committee to force the government to purchase the corn for EGP 4,000 per tonne, head of the Farmers and Agricultural Producers Syndicate Farid Wasel said.

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