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Thursday, 24 May 2018

Gov’t could tap int’l wheat market early after Dubai’s AOS failed to deliver on contracted shipments

Dubai-based trader AOS has failed to deliver two of its wheat cargoes to Egypt, which may force the government to tap international wheat markets sooner than expected to maintain wheat reserves, Reuters reports. Supply Minister Ali El Moselhy tells the newswire that the company was given two extensions for delivering the wheat but had failed to meet both deadlines. The ministry’s wheat buyer GASC through the international wheat market off last week by holding an international tender, despite the ongoing domestic harvest season, which has been proving bountiful and where wheat imports usually halt. The Supply Ministry said on Tuesday that it had purchased a total of 3 mn tonnes of wheat from local farmers so far this year at a cost of EGP 11.8 bn, according to Reuters.

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