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Sunday, 31 May 2020

Will Egypt see an influx of wheat soon?

Will Egypt see an influx of imported wheat soon? UK-based grains trader Gemcorp Commodities Trading is ready to increase the quantities of Russian wheat it ships to African clients, including Egypt, if rainfall helps the new harvest rise to quality requirements, according to Reuters. Bloomberg also has the story.

The news comes a month before Russia is expected to lift its ban on grain exports: The world’s largest wheat supplier cut off exports to shore up domestic supply during the pandemic, but could restart shipments when the local harvest begins in July. Romanian producers also said earlier this month that they should be able to participate in Egypt’s wheat tenders despite a prolonged drought threatening to slash production.

Meanwhile, on the domestic harvest front: Egypt has purchased roughly 1 mn tonnes of local wheat every two weeks since the local harvest began in the middle of last month. Supply Minister Ali El Moselhy said last week that the state had bought 3.1 mn tonnes of wheat from local farmers, up from 2.1 mn tonnes two weeks ago. State grain buyer GASC has only imported 240k tonnes of wheat since mid-April as participation in local tenders fell to its lowest level in more than a year. The government hopes that the upcoming harvest season in the northern hemisphere will help it hit its 800k-tonne import target.

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