November 28, 2022

Wheat reserves in Egypt sufficient for more than five months

Ibrahim Ashmawy, Egypt's Deputy Supply And Internal Trade Minister, said the country's wheat reserves are sufficient for more than five months of consumption, Nasdaq reported.

In order to be ready for the first offering of wheat on Sunday, Egypt, one of the largest wheat importers in the world, registered 40 mills on its new commodities exchange.

Egypt's Supply Ministry said the country's General Authority for Supply Commodities (GASC), the country's official grain buyer, plans to sell wheat to mills from its strategic reserves through the new commodities exchange.

The official launch of the exchange will be on November 27, when GASC will start making an offering on the exchange twice weekly.

Ashmawy said the quantities and their specifications will be disclosed less than an hour. He explained that this is at the last minute because trading will take the form of bidding.

He also said that rice, sugar, and other strategic commodities would be traded.

Egypt's sugar reserves are sufficient for only four months, vegetable oil reserves are sufficient for nearly five months, while those of rice are sufficient for four months.

-      Nasdaq