Back to the complete issue
Sunday, 31 January 2021

Looking to the west for wheat?

Could Egypt be turning to Canada and the US for more of its wheat? Russia’s new wheat-export restrictions that come into effect mid-February will likely spark demand for Canadian and US grain, Bloomberg writes. In a bid to cool domestic food inflation, the world’s largest wheat shipper imposed strict export measures, rallying global prices to a six-year high. The export tax is expected to rise even further for four months starting March. Closer to home, Egypt had canceled a grain tender two weeks ago, due to the high prices resulting from the new export restrictions. Analysts suspect countries to now look further west to the US and Canada for wheat imports, since the EU does not have sufficient supply.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.