Wheat suppliers need to get on the new commodities exchange

Wheat suppliers must register on Egycomex by November: State grain buyer GASC has sent a letter to wheat traders saying that from 1 November it will only buy from suppliers registered on our new Egycomex commodities exchange, Reuters reports. The move comes as GASC pivots from public tenders to direct purchases to secure wheat on the international markets, which were thrown into disarray earlier this year over shortages spurred by the outbreak of war in Ukraine.

What we don’t know: Whether global grain suppliers and / or their local agents need to sign up.

Egycomex? The commodities exchange has been in the works since 2018 and will eventually allow traders to buy and sell wheat, oil, sugar, rice, gold, steel, and cotton. Last we heard, it was set to go live before year end.