{"id":544382,"date":"2022-03-01T04:00:39","date_gmt":"2022-03-01T04:00:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/01\/were-struggling-to-find-new-wheat-supplies\/"},"modified":"2022-03-01T04:00:39","modified_gmt":"2022-03-01T04:00:39","slug":"were-struggling-to-find-new-wheat-supplies","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/01\/were-struggling-to-find-new-wheat-supplies\/","title":{"rendered":"We\u2019re struggling to find new wheat supplies"},"content":{"rendered":"

<\/a> State grain buyer GASC was forced to cancel its wheat tender yesterday on the <\/strong>back of high prices<\/strong>, Bloomberg<\/a> reports, as global grain markets face turmoil on the back of Russia\u2019s invasion of Ukraine. The two countries together account for nearly a third of the world\u2019s wheat supply, and some 60-80% of our grain imports at any given time.<\/p>\n

This is the second tender Egypt has canceled in recent days:<\/strong> GASC called off last Thursday\u2019s tender due to a shortage of offers<\/a>. <\/strong><\/p>\n

Only three offers were submitted in yesterday\u2019s tender:<\/strong> two for French wheat and one for US grain, Bloomberg cited unidentified traders as saying. Offer prices have reportedly surged by USD 80 per ton since Russia invaded Ukraine. Days before the war broke out, 17 global suppliers took part<\/a> in a tender that saw GASC lock in three cargoes of Romanian wheat despite Ukrainian suppliers offering a better price. Chicago wheat futures closed up 8.6% in yesterday\u2019s trading.<\/p>\n

Why are traders staying away from Black Sea supplies?<\/strong> Although Russian commodities have so far been spared from direct sanctions, traders are avoiding Black Sea wheat due to port closures and logistical hurdles \u2014 and the possibility that sanctions are still to come. Shipment disruptions are mounting, with ins. companies either declining to cover Black Sea vessels or charging massive costs, Bloomberg<\/a>reported yesterday. Russia\u2019s exclusion from the Swift payments system is also threatening the financing of its commodities.<\/p>\n

Our alternatives don\u2019t look so hot right now, either: <\/strong>Egypt is eyeing wheat<\/a> from the US, France, Romania, Kazakhstan, or Germany, Internal Trade Development Authority head Ibrahim Ashmawy said ahead of yesterday\u2019s tender. But our ability to secure alternative supplies has been hobbled by rising costs for grain itself, as well as ins. and shipping.<\/p>\n

However, the Supply Ministry is projecting calm. <\/strong>We have enough wheat stockpiled to last up to four months, Supply Minister Ali El Moselhy<\/a> said earlier this week, adding that local growers will help cover Egypt\u2019s needs until the end of the year. The harvest season starts in April and the government hopes to collect 4 mn tons of the grain.<\/p>\n

Expect policymakers to be carefully weighing the global wheat crunch as they look to taper bread subsidies. <\/strong>The Supply Ministry is by the end of the month expected to announce<\/a> an overhaul of the costly bread subsidy system, which has remained largely unchanged for decades.<\/p>\n","protected":false},"excerpt":{"rendered":"

State grain buyer GASC was forced to cancel its wheat tender yesterday on the back of high prices, Bloomberg reports, as global grain markets face turmoil on the back of Russia\u2019s invasion of Ukraine. The two countries together account for nearly a third of the world\u2019s wheat supply, and some 60-80% of our grain imports […]<\/p>\n","protected":false},"author":1,"featured_media":544383,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7305],"tags":[317,72,550,270,304,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544382","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodities","tag-commodities","tag-enterpriseam","tag-gasc","tag-russia","tag-ukraine","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"16670d8f-ff7e-4942-8c23-7f16a463f32f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/3\/3.jpg","photo_position":"above","related_issue":[544376],"teaser":"","voice_url":""},"yoast_head":"\nWe\u2019re struggling to find new wheat supplies - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/01\/were-struggling-to-find-new-wheat-supplies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We\u2019re struggling to find new wheat supplies\" \/>\n<meta property=\"og:description\" content=\"State grain buyer GASC was forced to cancel its wheat tender yesterday on the back of high prices, Bloomberg reports, as global grain markets face turmoil on the back of Russia\u2019s invasion of Ukraine. 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The purchase of French, Romanian, Russian, and Bulgarian wheat in last Wednesday\u2019s\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/78.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543949,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/fresh-wheat-tender-on-monday-after-war-breaks-out-between-top-suppliers-russia-ukraine\/","url_meta":{"origin":544382,"position":2},"title":"Fresh wheat tender on Monday after war breaks out between top suppliers Russia + Ukraine","author":"enterpriseam admin","date":"27 February 2022","format":false,"excerpt":"State grain buyer issues fresh wheat tender as war in Ukraine threatens supply: State grain buyer GASC will look to buy 55-60k tonnes of wheat in an international tender tomorrow, according to the authority\u2019s website.The bid comes days after GASC called off a wheat tender due to a lack of\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/368.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592427,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/egypt-buys-more-russian-wheat-as-moscow-mulls-mates-rates\/","url_meta":{"origin":544382,"position":3},"title":"Egypt buys more Russian wheat as Moscow mulls mates\u2019 rates","author":"enterpriseam admin","date":"6 August 2023","format":false,"excerpt":"Russia is wielding its grain powerhouse status as a political tool","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/210.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545858,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/14\/gasc-concludes-latest-tender-with-offers-roughly-50-above-pre-war-prices\/","url_meta":{"origin":544382,"position":4},"title":"GASC concludes latest tender, with offers roughly 50% above pre-war prices","author":"enterpriseam admin","date":"14 April 2022","format":false,"excerpt":"GASC has pulled off its first successful wheat tender since Russia invaded Ukraine \u2014 but it didn\u2019t come cheap. 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