{"id":546454,"date":"2022-05-17T04:00:52","date_gmt":"2022-05-17T04:00:52","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/the-local-wheat-harvest-isnt-costing-as-much-as-we-expected\/"},"modified":"2022-05-17T04:00:52","modified_gmt":"2022-05-17T04:00:52","slug":"the-local-wheat-harvest-isnt-costing-as-much-as-we-expected","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/the-local-wheat-harvest-isnt-costing-as-much-as-we-expected\/","title":{"rendered":"The local wheat harvest isn\u2019t costing as much as we expected"},"content":{"rendered":"

<\/a> We\u2019re spending less on local wheat than previously thought:<\/strong> 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<\/a> quoted Egyptian Holding Company for Silos and Storage Chairman Sherif Bassily as saying. That means we\u2019re spending around EGP 4.6 bn per 1 mn tons of wheat, or about 23% less the EGP 6 bn assumed in the government\u2019s plan, which had expected to spend EGP 36 bn<\/a> to purchase 6 mn tons. The local harvest will run through to the end of August, but the bulk takes places in April and May, by which time 75%<\/a> of the country\u2019s wheat will have been harvested.<\/p>\n

WANT MORE GOOD NEWS on the commodities front?<\/strong> Too bad. What we do have:<\/p>\n

Wheat prices soar on India export ban:<\/strong> International wheat prices surged to near record highs yesterday as traders reacted to the weekend\u2019s news that India would ban exports of the staple commodity. Prices on the benchmark Chicago index leapt by almost the exchange limit, rising as high as 5.9% to USD 12.47 a bushel, the Financial Times<\/a> reports.<\/p>\n

Wheat prices have risen more than 60% this year<\/strong>, after Russia\u2019s invasion of Ukraine battered markets and disrupted supply from two of the world\u2019s largest producers. India, which is the world\u2019s second biggest wheat producer, was helping to plug the gap left by the loss of Ukrainian and Russian wheat, before it halted new shipments to all but the most vulnerable countries in response to rising local prices and a weaker-than-expected harvest.<\/p>\n

Egypt only recently <\/strong>added<\/a><\/strong> India to its list of wheat suppliers<\/strong>, and has locked in a 500k-ton<\/a>order<\/a> that will not be impacted by the ban, in addition to another 55k-ton shipment<\/a> that is soon due to depart from India. The government is in talks with New Delhi about being exempted from the export ban after it said<\/a> last week that it would continue to ship wheat to vulnerable developing countries provided they seek permission from the government.<\/p>\n

The UN is working to get Ukrainian wheat to global markets:<\/strong> UN Secretary-General Antonio Guterres is in talks with Russia, Turkey and others to allow wheat to be exported from Ukrainian ports, the Wall Street Journal<\/a> reported yesterday.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 Chairman Sherif Bassily as saying. […]<\/p>\n","protected":false},"author":1,"featured_media":546455,"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":[1878,317,72,1404,182,270,1341,132,304,7085,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodities","tag-antonio-guterres","tag-commodities","tag-enterpriseam","tag-india","tag-inflation","tag-russia","tag-russia-ukraine-conflict","tag-trade","tag-ukraine","tag-un","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"6ee8d8a6-b443-438b-adc8-8db6c0b5eca0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/214.jpg","photo_position":"above","related_issue":[546443],"teaser":"","voice_url":""},"yoast_head":"\nThe local wheat harvest isn\u2019t costing as much as we expected - 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\/17\/the-local-wheat-harvest-isnt-costing-as-much-as-we-expected\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The local wheat harvest isn\u2019t costing as much as we expected\" \/>\n<meta property=\"og:description\" content=\"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 Chairman Sherif Bassily as saying. 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PLUS: News from HSBC and Mountain View","author":"enterpriseam admin","date":"6 June 2024","format":false,"excerpt":"The government is paying farmers EGP 2k per ardeb of wheat this harvest season","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/660.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":546454,"position":2},"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":[]},{"id":546418,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/egypt-to-receive-500k-tons-of-indian-wheat-despite-export-ban\/","url_meta":{"origin":546454,"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":588376,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/11\/another-usd-700-mn-in-wheat-finance-from-the-itfc\/","url_meta":{"origin":546454,"position":4},"title":"Another USD 700 mn in wheat finance from the ITFC","author":"enterpriseam admin","date":"11 June 2023","format":false,"excerpt":"The country has nearly 6 months\u2019 worth of wheat in reserve","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\/6\/490.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":546454,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546454","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=546454"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546454\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546443"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546455"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546454"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546454"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}