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Sunday, 25 March 2018

Government to purchase over 4 mn tonnes of local wheat this year

The government is planning to purchase over 4 mn tonnes of wheat from local farmers this year, Supply Ministry spokesperson Mamdouh Ramadan tells Reuters’ Arabic service. The government is prepared to purchase however much farmers will be willing to sell, Ramadan said, adding that the Ismail Cabinet will announce the price of local wheat for this harvest season by the end of the month. Farmers Union head El Nouby Abul Loz told Al Mal that he expects the government to raise local wheat prices by EGP 100 per ardib to EGP 655 from EGP 555 per ardib. Government sources had told Reuters earlier this month, however, that the buying price of wheat would likely be based on average local and global prices, which would increase it by EGP 15-20 per ardib.

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