{"id":546418,"date":"2022-05-16T04:00:48","date_gmt":"2022-05-16T04:00:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/egypt-to-receive-500k-tons-of-indian-wheat-despite-export-ban\/"},"modified":"2022-05-16T04:00:48","modified_gmt":"2022-05-16T04:00:48","slug":"egypt-to-receive-500k-tons-of-indian-wheat-despite-export-ban","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/egypt-to-receive-500k-tons-of-indian-wheat-despite-export-ban\/","title":{"rendered":"Egypt to receive 500k tons of Indian wheat despite export ban"},"content":{"rendered":"

<\/a> FROM THE DEPT. OF GOOD NEWS- We\u2019ve locked in 500k tons of Indian <\/strong>wheat ahead of New Delhi's <\/strong>export ban:<\/strong> Egypt has agreed to buy 500k tons of wheat from India, Supply Minister Ali El Moselhy told Reuters<\/a> yesterday, adding that an export ban introduced by New Delhi last week will not impact the shipment.<\/p>\n

REMINDER- <\/strong>India has introduced a wheat export ban<\/a> in response to surging local prices and a severe heatwave that is threatening to hit production. The decision was taken to \u201cmanage the overall food security of the country\u201d though the government will still permit shipments under existing letters of credit.<\/p>\n

But what about future purchases?<\/strong> Egypt is in talks with India about being exempted from the export ban. New Delhi said (pdf)<\/a> last week that it would continue to ship wheat to \u201cvulnerable developing countries \u2026 that are unable to access adequate wheat supplies,\u201d provided they seek permission from the government. Friendly ties between our two countries dating back more than a generation to the Nasser-era Non-Alignment Movement suggest we have a good chance of getting that exemption.<\/p>\n

Could this be the beginning of an \u201ceasier\u201d wheat purchasing process?<\/strong> Moselhy said that the government gave state grain buyer GASC approval to sidestep its tender process and purchase wheat directly from countries or private sector traders.<\/p>\n

Diversification is the name of the game:<\/strong> This comes amid ongoing talks with Kazakhstan, France and Argentina under efforts to diversify wheat imports. Egypt, the world\u2019s largest wheat importer, continues to be hit from a grain shortage triggered by the Russia-Ukraine war. The two countries together supply more than 80% of our imported wheat in peacetime.<\/p>\n

We\u2019ve already purchased a <\/strong>55k-ton shipment of Indian wheat<\/strong>: The ship is expected to depart from India soon after it passed the inspection of Egyptian officials last week.<\/p>\n

The latest from the local harvest:<\/strong> The government has bought some 1.75 mn tons of local wheat since the start of the harvest season at the beginning of April, Reuters<\/a> quoted a senior Agriculture Ministry official as saying. That\u2019s just shy of a third of its 6 mn-ton target. The local harvest will run through to the end of August but the bulk of production will take place in April and May, by which time 75%<\/a> of the country\u2019s wheat will have been harvested.<\/p>\n

Reserves are looking healthier:<\/strong> The government currently has enough wheat reserves to cover four months, Prime Minister Moustafa Madbouly said during yesterday\u2019s bumper press conference (see our full coverage above). We had enough wheat to cover only 2.6 months-worth<\/a>as of early April.<\/p>\n

Background: <\/strong>The government has shifted its focus to local harvest to help plug the wheat shortage resulting from the Russia-Ukraine war. The government has said it plans to spend around EGP 36 bn<\/a> to purchase 6 mn tons of wheat from local farmers \u2014 nearly double the 3.5 mn tons purchased last season \u2014 to replenish strategic reserves.<\/p>\n

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

Our food exports rose<\/strong> 5.8% y-o-y <\/strong>to USD 1.05 bn in 1Q 2022<\/strong>, up from USD 996 mn in the same period last year, according to the latest figures<\/a> from the Food Export Council. Arab countries were the biggest buyers, accounting for more than half of food exports (USD 588 mn or 56%) during the quarter. EU countries came second in the list, with imports worth USD 169 mn (16%). Non-Arab African countries (7%) and the US (6%) were our next biggest customers.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 will not impact the shipment. […]<\/p>\n","protected":false},"author":1,"featured_media":546419,"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":[317,72,182,132,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546418","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodities","tag-commodities","tag-enterpriseam","tag-inflation","tag-trade","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"9d6fa0f0-2d5b-4ae8-b764-8e19398f26ac","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/189.jpg","photo_position":"above","related_issue":[546406],"teaser":"","voice_url":""},"yoast_head":"\nEgypt to receive 500k tons of Indian wheat despite export ban - 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\/05\/16\/egypt-to-receive-500k-tons-of-indian-wheat-despite-export-ban\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt to receive 500k tons of Indian wheat despite export ban\" \/>\n<meta property=\"og:description\" content=\"FROM THE DEPT. 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All shipments registered with customs before 14 May\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\/231.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546454,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/the-local-wheat-harvest-isnt-costing-as-much-as-we-expected\/","url_meta":{"origin":546418,"position":1},"title":"The local wheat harvest isn\u2019t costing as much as we expected","author":"enterpriseam admin","date":"17 May 2022","format":false,"excerpt":"We\u2019re spending less on local wheat than previously thought: The government has so far paid EGP 8.5 bn for some 1.85 mn tons of local wheat since the start of the harvest season at the beginning of April, state news agency MENA quoted Egyptian Holding Company for Silos and Storage\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\/214.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546928,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/we-just-bought-a-lot-of-wheat\/","url_meta":{"origin":546418,"position":2},"title":"We just bought a lot of wheat","author":"enterpriseam admin","date":"2 June 2022","format":false,"excerpt":"State grain buyer GASC has purchased 465k tons of wheat for shipment in July and August in a fresh international tender, Reuters reported yesterday.The breakdown: The order by the General Authority for Supply Commodities includes 240k tons of Romanian wheat, 175k tons of Russian wheat and 50k tons of Bulgarian\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\/107.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547554,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/27\/were-getting-a-third-of-the-indian-wheat-wed-hoped-for-bread-could-get-browner\/","url_meta":{"origin":546418,"position":3},"title":"We\u2019re getting a third of the Indian wheat we\u2019d hoped for + Bread could get browner","author":"enterpriseam admin","date":"27 June 2022","format":false,"excerpt":"The Madbouly 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":546692,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/were-getting-another-usd-3-bn-for-wheat-imports-from-the-itfc\/","url_meta":{"origin":546418,"position":4},"title":"We\u2019re getting another USD 3 bn for wheat imports from the ITFC","author":"enterpriseam admin","date":"25 May 2022","format":false,"excerpt":"We\u2019re getting an additional USD 3 bn from ITFC to help us through the commodities crunch: The International Islamic Trade Finance Corporation (ITFC) has raised the ceiling for its financing agreement with Egypt to USD 6 bn from USD 3 bn, Supply Minister Ali El Moselhy told Al Hekaya\u2019s Amr\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\/333.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546972,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/05\/food-for-fertilizer-swap-with-india\/","url_meta":{"origin":546418,"position":5},"title":"Food-for-fertilizer swap with India?","author":"enterpriseam admin","date":"5 June 2022","format":false,"excerpt":"Egypt is in talks to export fertilizer and other products to India in exchange for the 500ktons of Indian wheat we\u2019ve been hoping to secure, Supply Minister Ali El Moselhy told Bloomberg. 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