Gov’t expected to raise local wheat buying price EGP 15-20 per ardib
Gov’t expected to raise local wheat buying price EGP 15-20 per ardib: The government will set the price of buying local wheat for the upcoming harvest season based on the average local and global prices, an unnamed government source tells Arabic Reuters. The formula will likely see the buying price increase EGP 15-20 per ardib from last season. Supply Minister Ali El Moselhy had confirmed in November that the government would peg wheat prices to the global market as of the upcoming season, which runs from mid-April until July. The final price is expected to be announced this month.
Meanwhile, the General Authority for Supply Commodities (GASC) purchased yesterday 175k tonnes of Russian wheat, according to the newswire. The lowest offer received in the tender was from Russia’s GTCS at USD 213 per tonne free-on-board, traders told Reuters. The wheat is scheduled for delivery between 5-15 April.