June 29, 2011

Egypt's agriculture ministry receives 2.6 million tonnes of domestically-grown wheat

Egypt has received 2.6 million tonnes of wheat from Egyptian farmers since the beginning of May, the Ministry of Agriculture said on Tuesday (Jun 28).

State-run news agency MENA reported the ministry did not receive any financial complaints from farmers. The wheat was purchased at EGP360 (US$60.33) per 150 kg, according to MENA, representing an increase of EGP90 compared to last year and a difference of LE30 from international prices.

Al-Sayyed Ali Shaker, head of the Principal Bank for Development and Agricultural Credit (PBDAC), said granaries at banks across the country will be ready to receive more than three million tonnes of wheat produced up to 15 July.

Egypt imports 6-7 million tonnes annually, making it one of the largest wheat importers globally. Local wheat production reaches eight million tonnes per year, while consumption is roughly 14 million tonnes.