November 26, 2010

Egyptian dependence on US wheat is growing
 

Egypt is becoming more dependent on US for its wheat as Egyptian imports have risen by 43% since the end of June.

American exporters sold 120,000 tonnes of the grain to Egypt, with delivery in the year ending May 31, according to the USDA.

Egypt was America's 14th largest importer of wheat at that point, but quickly consolidated much of its purchasing into the US market over the summer. By November, Egypt was America's third largest importer, after Japan and Nigeria, according to media analysts.

Wet weather in Canada and a drought in Russia and Eastern Europe also played a part in reducing global inventories as compared to those a year earlier.

On Wednesday, the New York-based news service reported that 47% of the US winter wheat crop was rated good or excellent, one point up from the previous week. America's wheat crop was worth US$10.6 billion in 2009.