{"id":544409,"date":"2022-03-02T04:12:01","date_gmt":"2022-03-02T04:12:01","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/02\/local-harvest-will-be-a-critical-cushion-as-russia-ukraine-war-challenges-global-market\/"},"modified":"2022-03-02T04:12:01","modified_gmt":"2022-03-02T04:12:01","slug":"local-harvest-will-be-a-critical-cushion-as-russia-ukraine-war-challenges-global-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/02\/local-harvest-will-be-a-critical-cushion-as-russia-ukraine-war-challenges-global-market\/","title":{"rendered":"Local harvest will be a critical cushion as Russia-Ukraine war challenges global market"},"content":{"rendered":"

<\/a> The Madbouly government plans to buy 5.5 mn tons of wheat <\/strong>from local farmers during the upcoming season<\/strong>, Supply Minister Ali El Moselhy said in an interview with Ala Mas\u2019ouleety\u2019s Ahmed Moussa (watch, runtime 1:47:10<\/a>) last night, upping previous purchase plans by more than a third as Russia\u2019s invasion of Ukraine has thrown the global grain market into disarray.<\/p>\n

This is <\/strong>a 38% increase<\/strong> from the government\u2019s previous target. <\/strong>The state had previously expected to collect 4 mn tons<\/a>, which El Moselhy last week said would help cover Egypt\u2019s needs through the end of the year alongside the current four-months stockpile. The 5.5 mn tons the government now plans to buy would cover the equivalent of around a quarter of local consumption<\/strong> for the 12 months through the end of September 2022, on the basis of the most recent estimates (pdf)<\/a> from the US Foreign Agricultural Service.<\/p>\n

BACKGROUND- <\/strong>State grain buyer GASC has called off two tenders in recent days due to a shortage of offers<\/a> and high prices<\/a> as the grain market sorts out the impact of Russia\u2019s invasion. Together, the <\/strong>two countries account for nearly a third of the world\u2019s wheat supply<\/strong>, and some 60-80% of our grain imports at any given time.<\/p>\n

Targeting a better harvest: <\/strong>Prime Minister Mostafa Madbouly has given orders to increase the number of wheat collection points and slash red tape with a view to making it easier for small farmers to grow wheat, El Moselhy said in the interview. The government also brought back to life the decades-old Toshka agricultural project<\/a> in December, which El Moselhy said is expected to save about USD 1 bn in the country\u2019s wheat budget by 2025.<\/p>\n

How much of the wheat we need can we feasibly grow ourselves?<\/strong> Egypt aims to achieve 60-62% self-sufficiency in the grain this season, Agriculture Minister El Sayed El Quseir told Bloomberg Asharq<\/a> last month, adding that the country has cultivated 3.6 mn acres with wheat, which should produce 9.5 to 10 mn tons.<\/p>\n

Homegrown wheat isn\u2019t totally insulated from global price hikes: <\/strong>Even before war broke out, the government had agreed to pay 13% more for local wheat<\/a> this season than it did in 2021, after a global supply squeeze saw prices hit a ten-year high<\/a> and the price of inputs such as fertilizer rose. The price hikes were expected to take an additional EGP 12 bn<\/a> out of the state budget this fiscal year \u2014 again, before conflict hit the Black Sea and prices spiked yet further. Chicago wheat futures closed up 5.4% yesterday.<\/p>\n

On the imports front, we\u2019re still pushing to diversify supply.<\/strong> Egypt has extended its imported wheat moisture level specifications for an additional year, as the government looks to diversify its supply sources amid the Russia-Ukraine crisis, the Trade Ministry said in a statement<\/a>. The decision, which will be in force until April 2023, caps moisture content in wheat shipments at 13.5%, 0.5 percentage points higher than the normal 13% limit. The government is also still studying hedging wheat<\/a>.<\/p>\n

Could the international community do more to help? <\/strong>As fuel, food, and fertilizer prices rise on the back of Russia\u2019s war, food security professors Michael J. Puma and Megan Konar are warning of \u201can accelerating food crisis rippling outward from Ukraine\u201d to vulnerable African countries in the New York Times<\/a>. They\u2019re calling on Western countries to avoid restricting grain exports, make sure sanctions don\u2019t threaten food security, work to reduce fertilizer costs by suppressing energy prices, divert some oil and corn currently used to create fuel and ethanol back to the food markets, and increase financing for humanitarian aid.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Madbouly government plans to buy 5.5 mn tons of wheat from local farmers during the upcoming season, Supply Minister Ali El Moselhy said in an interview with Ala Mas\u2019ouleety\u2019s Ahmed Moussa (watch, runtime 1:47:10) last night, upping previous purchase plans by more than a third as Russia\u2019s invasion of Ukraine has thrown the global 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government has inked a contract to buy 180k tons of wheat from India, which should be heading our way soon, Supply Minister Ali El Moselhy said at a presser yesterday, where he spoke broadly on our wheat import policies in FY2022-2023, according to Reuters and Bloomberg.We were hoping\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\/6\/309.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544895,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/27\/no-intl-wheat-tenders-before-mid-may-el-moselhy\/","url_meta":{"origin":544409,"position":1},"title":"No int\u2019l wheat tenders before mid-May, -El Moselhy","author":"enterpriseam admin","date":"27 March 2022","format":false,"excerpt":"Egypt won\u2019t be tapping the international wheat market with new tenders before the middle of May after having received all its backlogged orders of Russian wheat, Supply Minister Ali El Moselhy said Thursday, Bloomberg and Reuters report. The government is focusing for now on the local harvest, which begins at\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\/3\/358.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547655,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/03\/gasc-makes-huge-wheat-buy-world-bank-approves-usd-500-mn-loan\/","url_meta":{"origin":544409,"position":2},"title":"GASC makes huge wheat buy + World Bank approves USD 500 mn loan","author":"enterpriseam admin","date":"3 July 2022","format":false,"excerpt":"State makes its biggest wheat buy in a decade as futures dip: State grain buyer GASC last week purchased 815k tons of wheat for shipment in August, September and October, state news agency MENA reports, citing the authority. 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":546418,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/egypt-to-receive-500k-tons-of-indian-wheat-despite-export-ban\/","url_meta":{"origin":544409,"position":3},"title":"Egypt to receive 500k tons of Indian wheat despite export ban","author":"enterpriseam admin","date":"16 May 2022","format":false,"excerpt":"FROM THE DEPT. OF GOOD NEWS- We\u2019ve locked in 500k tons of Indian wheat ahead of New Delhi's export ban: Egypt has agreed to buy 500k tons of wheat from India, Supply Minister Ali El Moselhy told Reuters yesterday, adding that an export ban introduced by New Delhi last week\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\/5\/189.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590566,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/24\/uae-could-help-finance-wheat-purchases-says-supply-ministry\/","url_meta":{"origin":544409,"position":4},"title":"UAE could help finance wheat purchases, says Supply Ministry","author":"enterpriseam admin","date":"24 July 2023","format":false,"excerpt":"Egypt wants to continue to purchase Ukrainian wheat despite Russian blockade, says supply minister","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\/7\/835.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581396,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/09\/could-serbia-supply-us-with-1-mn-tons-of-wheat\/","url_meta":{"origin":544409,"position":5},"title":"Could Serbia supply us with 1 mn tons of wheat?","author":"enterpriseam admin","date":"9 February 2023","format":false,"excerpt":"A big wheat buy in the works from Serbia: Egypt is in talks to buy some 1 mn tons of wheat from Serbia as it works to diversify its wheat suppliers, the Supply Ministry said yesterday. Supply Minister Ali El Moselhy discussed the potential direct purchase in a meeting with\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\/8\/wheat-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544409","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=544409"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544409\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544405"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/544410"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544409"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544409"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}