{"id":545598,"date":"2022-04-05T03:55:25","date_gmt":"2022-04-05T03:55:25","guid":{"rendered":"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\/"},"modified":"2022-04-05T03:55:25","modified_gmt":"2022-04-05T03:55:25","slug":"our-wheat-reserves-are-dipping-but-finmin-has-lined-up-the-funds-to-buy-big-in-the-local-harvest","status":"publish","type":"post","link":"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\/","title":{"rendered":"Our wheat reserves are dipping \u2014 but FinMin has lined up the funds to buy big in the local harvest"},"content":{"rendered":"

<\/a> Our strategic wheat reserves have taken a dip: <\/strong>Egypt currently has enough wheat to cover the next 2.6 months\u2019 worth of consumption, cabinet spokesman Nader Saad said in a statement<\/a>, down from the four-month<\/a> figure announced by the government in early March.<\/p>\n

Depleted reserves shouldn\u2019t come as a surprise. <\/strong>Russia\u2019s war in Ukraine has caused turmoil in global wheat markets, leading the government to halt all international wheat tenders<\/a> until at least mid-May. We received all our backlogged orders of Russian wheat in March, but blockaded ports mean there\u2019s little to no grain<\/a> coming out of Ukraine. The two countries together supply more than 80% of our imported wheat in peacetime.<\/p>\n

Don\u2019t panic: The local harvest kicks off on Friday \u2014 and the government has roughly doubled its purchase budget from last year. <\/strong>With global markets in disarray, the Madbouly government has shifted its wheat procurement focus to local sources. The government will spend around EGP 36 bn to purchase 6 mn tons of local wheat this year, the Finance Ministry confirmed<\/a> yesterday. That tallies withour math<\/a>: Farmers will receive EGP 865-885 per ardeb of wheat they sell to the state, and at 150 kg each, there are 6.66 ardebs in a metric ton. This would be a bit more than double what the government spent on local wheat last season, when it bought 3.5 mn tons \u2014 or 23.3 mn ardebs \u2014 at a top price of EGP 725 per ardeb.<\/p>\n

FinMin <\/strong>has made EGP 1.1 b<\/strong>n available for downpayments to wheat farmers this season<\/strong>, according to a cabinet statement<\/a>. The General Authority for Supply Commodities (GASC) and the Agricultural Bank of Egypt now have access to the funds to start making purchases.<\/p>\n

Recently announced incentives could help the government meet supply goals:<\/strong> The carrots (and sticks) include price hikes for local wheat, minimum selling quotas, and bans on selling to third parties without a license. Those who sell 90% or more of their wheat to the government will also receive subsidized fertilizers for summer planting.<\/p>\n

\n

Reserves of other at-risk commodities are in better shape: <\/strong>We have enough sugar to last 5.6 months, nearly six months\u2019 worth of oil and rice, and 7.8 months of poultry reserves, according to the cabinet statement. We also have enough meat \u2014 which is not as exposed to war in Europe \u2014 in reserve to last well over a year.<\/p>\n

The government is working to secure at least 3-6 months of reserves in all basic commodities<\/strong>, Prime Minister Mostafa Madbouly previously said<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 in Ukraine has caused […]<\/p>\n","protected":false},"author":1,"featured_media":545599,"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":[317,72,276,270,304,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodities","tag-commodities","tag-enterpriseam","tag-finance-ministry","tag-russia","tag-ukraine","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"d4959ef4-a9f1-4ae3-8354-83e891ebea97","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/4\/128.jpg","photo_position":"above","related_issue":[545590],"teaser":"","voice_url":""},"yoast_head":"\nOur wheat reserves are dipping \u2014 but FinMin has lined up the funds to buy big in the local harvest - 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\/04\/05\/our-wheat-reserves-are-dipping-but-finmin-has-lined-up-the-funds-to-buy-big-in-the-local-harvest\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Our wheat reserves are dipping \u2014 but FinMin has lined up the funds to buy big in the local harvest\" \/>\n<meta property=\"og:description\" content=\"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. 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The tender is open only to European suppliers already accredited in GASC\u2019s tender book, marking\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\/208.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572123,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/11\/state-grain-buyer-gasc-has-purchased-120k-tonnes-of-russian-wheat\/","url_meta":{"origin":545598,"position":3},"title":"State grain buyer GASC has purchased 120k tonnes of Russian wheat","author":"enterpriseam admin","date":"11 June 2020","format":false,"excerpt":"State grain buyer GASC purchased yesterday 120k tonnes of Russian wheat, according to Reuters. The shipment will bring Egypt\u2019s total wheat imports during the local harvest season to 600k tonnes, inching the country closer towards its 800k tonne target.","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":543974,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/28\/war-in-ukraine-threatens-gascs-latest-tender\/","url_meta":{"origin":545598,"position":4},"title":"War in Ukraine threatens GASC\u2019s latest tender","author":"enterpriseam admin","date":"28 February 2022","format":false,"excerpt":"Traders have warned GASC of supply difficulties ahead of today\u2019s wheat tender as conflict rages between major growers Russia and Ukraine, Bloomberg reports. Some traders have told GASC they won\u2019t be able to offer Black Sea wheat due to the turmoil triggered by Russia\u2019s invasion of Ukraine, according to anonymous\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\/384.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543689,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/14\/ukraine-crisis-spurs-uncertainty-in-wheat-market-el-moselhy\/","url_meta":{"origin":545598,"position":5},"title":"Ukraine crisis spurs \u201cuncertainty\u201d in wheat market -El Moselhy","author":"enterpriseam admin","date":"14 February 2022","format":false,"excerpt":"Rising tensions in the tug-of-war between Russia and Ukraine are causing \u201cuncertainty\u201d in the wheat market, Al Shorouk quoted Supply Minister Ali El Moselhy as saying. While the Madbouly government has previously suggested it had no plans to start hedging wheat, El Moselhy is quoted as having said a decision\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\/181.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\/545598","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=545598"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545598\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/545590"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/545599"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=545598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=545598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=545598"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=545598"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=545598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}