{"id":543588,"date":"2022-02-08T03:51:45","date_gmt":"2022-02-08T03:51:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/08\/govt-ups-local-wheat-purchase-targets-by-over-10-y-o-y\/"},"modified":"2022-02-08T03:51:45","modified_gmt":"2022-02-08T03:51:45","slug":"govt-ups-local-wheat-purchase-targets-by-over-10-y-o-y","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/08\/govt-ups-local-wheat-purchase-targets-by-over-10-y-o-y\/","title":{"rendered":"Gov\u2019t ups local wheat purchase targets by over 10% y-o-y"},"content":{"rendered":"

Egypt to buy 4 mn tonnes of local wheat this season:<\/strong> Egypt plans to purchase 4 mn tonnes of wheat from local farmers this season, up from 3.6 mn tonnes last year, Supply Minister Ali El Moselhy said yesterday, according to a ministry statement<\/a>. The amount would cover the equivalent of some 19% of local consumption for the 12 months to the end of September 2022, on the basis of the most recent estimates (pdf)<\/a> from the US Foreign Agricultural Service.<\/p>\n

More wheat at higher prices: <\/strong>The government is paying 13% more<\/a> for local wheat this year than it did in 2021, after a global supply squeeze saw prices hit a new ten-year high<\/a>. The price hikes are expected to take an additional EGP 12 bn<\/a> out of the state budget this fiscal year, and the Supply Ministry is currently preparing to taper bread subsidies<\/a> to soften the impact of rising prices. Meanwhile, the looming conflict<\/a> between Ukraine and Russia is already pushing prices for imported wheat yet higher. The world\u2019s largest wheat importer, Egypt is also the largest consumer of Ukrainian wheat<\/a>, last year purchasing the equivalent of around 14% of its total wheat consumption from the eastern European country.<\/p>\n

Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n