{"id":544657,"date":"2022-03-15T04:00:36","date_gmt":"2022-03-15T04:00:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/govt-to-up-local-wheat-prices-and-cut-fertilizer-costs-and-appears-to-be-considering-price-caps-for-unsubsidized-bread\/"},"modified":"2022-03-15T04:00:36","modified_gmt":"2022-03-15T04:00:36","slug":"govt-to-up-local-wheat-prices-and-cut-fertilizer-costs-and-appears-to-be-considering-price-caps-for-unsubsidized-bread","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/15\/govt-to-up-local-wheat-prices-and-cut-fertilizer-costs-and-appears-to-be-considering-price-caps-for-unsubsidized-bread\/","title":{"rendered":"Gov\u2019t to up local wheat prices and cut fertilizer costs \u2014 and appears to be considering price caps for unsubsidized bread"},"content":{"rendered":"

<\/a> A raft of new wheat-related measures announced by the Madbouly <\/strong>government yesterday <\/strong>aim to bolster the country\u2019s food security in the wake of the Russia-Ukraine war.<\/p>\n

The Supply Ministry has once again hiked local wheat purchase targets:<\/strong> The government is now aiming to buy more than 6 mn tonnes of domestic wheat this harvest season, up from its previous 5.5 mn-tonne target, Supply Minister Ali El Moselhy said<\/a> yesterday.<\/p>\n

The government had previously <\/strong>upped<\/a><\/strong> its local target by nearly 40% in the days after<\/strong> Russia invaded Ukraine<\/strong>. The war in Europe has put into question the continued supply of up to 80% of our wheat imports and thrown the global grain markets into disarray. Prior to the arrival of two shipments last week, we had enough wheat in reserve to sustain us for 4.5 months and the local harvest \u2014 which begins in April \u2014 should provide another four months of supply, the government has said.<\/p>\n

The government is going to pay more for the wheat it buys from domestic farmers<\/strong>, cabinet spokesperson Nader Saad said during a televised interview last night (watch, runtime 1:49<\/a>). The new price will be announced soon, he said.<\/p>\n

Farmers had <\/strong>called on the government<\/a><\/strong> to raise prices <\/strong>and purchase wheat for EGP 1k per ardib, up from EGP 820, to help the domestic industry cope with inflation and meet production targets. \u201cIf the government doesn\u2019t raise prices, it won\u2019t be able to collect even 3 mn tonnes of wheat\u201d this season, said Farmers\u2019 Syndicate head Hussein Abu Saddam.<\/p>\n

The government is also set to make new announcements on subsidized fertilizer prices<\/strong> for wheat farmers, Saad said on Kelma Akhira. Surging fertilizer prices is currently one of the key impediments for Egyptian farmers, people in the industry say.<\/p>\n

But where is it going to store all this wheat?<\/strong> Egypt currently only has storage capacity of around 3.4 mn tonnes, according to Bloomberg Asharq<\/a>, raising questions about where it plans to put the extra quantities of local wheat.<\/p>\n

Are price caps for unsubsidized bread in the works? <\/strong>We can expect to see a \u201cnew mechanism\u201d to regulate the price of unsubsidized bread soon, said Saad (watch, runtime 3:16<\/a>). The planned regulations will put into consideration global inflation, wheat prices, and will be fair to the end-consumer as well as bakeries, Saad said, after show host Lamees El Hadidi said that the price of unsubsidized bread \u201chas now risen by 100%\u201d amid the global surge in wheat prices.<\/p>\n

The government <\/strong>is also stepping in to<\/strong> avoid price increases at private bakeries<\/strong> by effectively subsidizing the bakeries and selling them flour at a discounted rate, Ragab Shehata, head of the Rice Division of the Federation of Industries, said Sunday<\/a>. As of yesterday, private bakeries have been able to purchase a ton of flour from the government for EGP 8.5k, 22% below its current market price.<\/p>\n

IN GLOBAL COMMODITIES NEWS-<\/strong><\/p>\n

Not helping global food insecurity:<\/strong> Russia has signaled that it could join the wave of food protectionism and ban (some?) wheat, corn, rye and barley exports until the end of June, the Agriculture Ministry told Interfax<\/a>. A decision could come into effect today and would last until 30 June, the news agency reported. Russia is the world\u2019s largest wheat exporter, producing 16% of global supply, according to USDA data (pdf)<\/a>. The country also supplies 13% of the world\u2019s barley.<\/p>\n

This isn\u2019t a complete ban<\/strong>, Reuters<\/a> reported the country\u2019s deputy prime minister as saying yesterday. \u201cExport of grain within the quota under individual licenses will be allowed,\u201d Viktoria Abramchenko said, playing down the impact of the ban on global markets.<\/p>\n

Russia would join Egypt and a number of other countries to put curbs on key exports:<\/strong> Egypt last week banned the export of key food commodities<\/a> including wheat, flour, oils and corn. The ban will last for three months.<\/p>\n

Also not helping global food insecurity:<\/strong> German agrochemical conglomerate Bayer has threatened to suspend the sale of essential crop supply to Russia unless the country withdraws from Ukraine \u2014 a move that would likely cause further volatility in global food prices, the Financial Times<\/a> reports.<\/p>\n

GOOD NEWS- Oil prices continued to slide yesterday<\/strong> on hopes that Russia and Ukraine were moving towards a peace agreement. Brent crude fell another 5% to reach USD 106.90 a barrel. The oil benchmark has now fallen more than 20% after soaring to USD 130 last week.<\/p>\n","protected":false},"excerpt":{"rendered":"

A raft of new wheat-related measures announced by the Madbouly government yesterday aim to bolster the country\u2019s food security in the wake of the Russia-Ukraine war. The Supply Ministry has once again hiked local wheat purchase targets: The government is now aiming to buy more than 6 mn tonnes of domestic wheat this harvest season, […]<\/p>\n","protected":false},"author":1,"featured_media":544658,"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":[317,72,182,270,1341,777,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodities","tag-commodities","tag-enterpriseam","tag-inflation","tag-russia","tag-russia-ukraine-conflict","tag-supply-ministry","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"c9382282-35a8-4bc8-8610-77361fd68e71","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/3\/182.jpg","photo_position":"above","related_issue":[544653],"teaser":"","voice_url":""},"yoast_head":"\nGov\u2019t to up local wheat prices and cut fertilizer costs \u2014 and appears to be considering price caps for unsubsidized bread - 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\/15\/govt-to-up-local-wheat-prices-and-cut-fertilizer-costs-and-appears-to-be-considering-price-caps-for-unsubsidized-bread\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t to up local wheat prices and cut fertilizer costs \u2014 and appears to be considering price caps for unsubsidized bread\" \/>\n<meta property=\"og:description\" content=\"A raft of new wheat-related measures announced by the Madbouly government yesterday aim to bolster the country\u2019s food security in the wake of the Russia-Ukraine war. 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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":544626,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/14\/were-getting-wheat-from-ukraine-russia-and-romania-within-days-and-local-farmers-are-pushing-the-state-to-pay-more-for-the-domestic-harvest\/","url_meta":{"origin":544657,"position":1},"title":"We\u2019re getting wheat from Ukraine, Russia and Romania within days \u2014 and local farmers are pushing the state to pay more for the domestic harvest","author":"enterpriseam admin","date":"14 March 2022","format":false,"excerpt":"Shipments of Black Sea wheat are on their way to Egypt: Several cargoes totaling 189k tonnes of Ukrainian, Russian and Romanian wheat are on their way to Egypt even as the war in Ukraine continues to disrupt commercial shipping in the Black Sea. Egypt will receive 63k tonnes of wheat\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\/160.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544982,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/30\/our-wheat-imports-could-hit-a-nine-year-low-because-of-russia-ukraine\/","url_meta":{"origin":544657,"position":2},"title":"Our wheat imports could hit a nine-year low because of Russia + Ukraine","author":"enterpriseam admin","date":"30 March 2022","format":false,"excerpt":"Egypt\u2019s wheat imports in marketing year (MY) 2022-2023 are expected to drop to their lowest in nine years as the Russia-Ukraine war cuts two of our biggest suppliers off from the export market, the US Foreign Agricultural Service (FAS) said in a report (pdf). Wheat imports are expected to drop\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\/699.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572323,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/21\/egypts-gasc-purchases-240k-tonnes-of-wheat\/","url_meta":{"origin":544657,"position":3},"title":"Egypt\u2019s GASC purchases 240k tonnes of wheat","author":"enterpriseam admin","date":"21 June 2020","format":false,"excerpt":"The General Authority for Supply Commodities (GASC) purchased 240k tonnes of wheat on Thursday from Russia, Romania, and Ukraine, according to Reuters. By our calculations, the Thursday purchase will bring Egypt\u2019s total wheat imports to 840k tonnes, which is higher than the country\u2019s 800k tonne target. Egypt has also purchased\u2026","rel":"","context":"In "Basic Materials + Commodities"","block_context":{"text":"Basic Materials + Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/basic-materials-commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543814,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/20\/we-just-bought-tons-of-romanian-wheat-in-a-packed-tender-even-though-ukraines-bid-was-cheaper\/","url_meta":{"origin":544657,"position":4},"title":"We just bought tons of Romanian wheat in a packed tender \u2014 even though Ukraine\u2019s bid was cheaper","author":"enterpriseam admin","date":"20 February 2022","format":false,"excerpt":"The General Authority for Supply Commodities (GASC) just bought 180k tons of Romanian wheat for April shipment in a tender that may help ease policymakers\u2019 concerns about spiking food prices. Seventeen global suppliers took part in last week\u2019s tender \u2014 the most in at least five years \u2014 indicating that\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\/273.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545598,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/05\/our-wheat-reserves-are-dipping-but-finmin-has-lined-up-the-funds-to-buy-big-in-the-local-harvest\/","url_meta":{"origin":544657,"position":5},"title":"Our wheat reserves are dipping \u2014 but FinMin has lined up the funds to buy big in the local harvest","author":"enterpriseam admin","date":"5 April 2022","format":false,"excerpt":"Our strategic wheat reserves have taken a dip: Egypt currently has enough wheat to cover the next 2.6 months\u2019 worth of consumption, cabinet spokesman Nader Saad said in a statement, down from the four-month figure announced by the government in early March.Depleted reserves shouldn\u2019t come as a surprise. Russia\u2019s war\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\/4\/128.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\/544657","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=544657"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544657\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544653"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/544658"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544657"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544657"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}