As the world’s largest wheat importer, reports that Egypt is changing the agency in charge of importing commodities is catching the attention of the international press, with Reuters out with an exclusive claiming that the General Authority for Supply Commodities (GASC) has been replaced by the Mostakbal Misr Agency for Sustainable Development of the Egyptian Armed Forces. Mostakbal Misr will reportedly “assume all jurisdictions previously held by GASC,” according to a letter from the Supply Ministry to Russia’s Minister of Agriculture seen by the newswire.

Although the new agency will abide by all its existing commitments, traders are airing their concerns, with one German trader explaining that “GASC terms for deals in international tenders have been built up over many years. They are trusted and only when there is trust can big purchases be made with many mn’s of USD involved.” The trader added that “In the long run the new organization will no doubt be able to make purchases. In the short term it may face difficulties.”

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