Egypt to increase domestic wheat purchase price

Egypt's government will increase the local wheat purchase price to EGP270 (US$49.5) per 150kg, according to a Ministry of Agriculture official.

The price was set at EGP240 per 150kg last year.

Wheat would only be bought from farmers who are contracted with the ministry and not from any trader, broker or foreigner, said the agriculture minister Amin Abaza.

Egypt bought 3.1 million tonnes of domestic wheat in 2009, with the finance ministry allocating EGP5 billion (US$916.6 million) for local wheat purchases last season.