More sugar, more wheat and no exports of onions are the three big themes on the commodities front this morning as the Madbouly government looks to maintain stability in the domestic market while grappling with an FX crisis. (With apologies to the late Louis Prima.)

#1- Bulgarian, Romanian wheat incoming: GASC has bought 170k tons of wheat in an international tender on Wednesday, Reuters reported Friday, citing a statement from the state grains supplier. Some 60k tons will be sourced from Romania for delivery between 10-20 November 2023, while the rest will be sourced from Romania and Bulgaria for delivery between 21-30 November 2023. The International Islamic Trade Finance Corporation is providing the finance.

#2- Sugar imports to boost reserves: The Supply Ministry is working towards importing 200k tons of raw sugar in the coming months to maintain at least six months worth of supply in reserve, the ministry said in a statement on Wednesday. Following the announcement, the state-owned Egyptian Sugar and Integrated Industries Company issued a tender for the import of 50k tons of sugar and will be receiving offers until 7 October, according to a statement picked up by Reuters. The Trade Ministry decided last week to extend the current ban on sugar exports until 20 December.

#3- A three-month ban on the export of onions starts today. The Trade Ministry announced the ban last month in response to soaring local prices that surged as high as EGP 35 per kilo, part of a wave of record-high inflation that saw food prices accelerate at a record rate of 71.4% y-o-y in August.

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