{"id":555301,"date":"2021-11-09T04:01:07","date_gmt":"2021-11-09T04:01:07","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/09\/russia-hikes-wheat-prices-on-high-egyptian-demand\/"},"modified":"2021-11-09T04:01:07","modified_gmt":"2021-11-09T04:01:07","slug":"russia-hikes-wheat-prices-on-high-egyptian-demand","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/09\/russia-hikes-wheat-prices-on-high-egyptian-demand\/","title":{"rendered":"Russia hikes wheat prices on high Egyptian demand"},"content":{"rendered":"

<\/a> Egypt\u2019s wheat binge is putting further pressure on food prices abroad: <\/strong>Prices of Russian wheat notched new highs last week amid increased demand from Egypt, one of its biggest customers and the world\u2019s biggest wheat importer, Reuters<\/a> reports.<\/p>\n

Egypt has been on a buying-spree:<\/strong> State commodities buyer GASC bought 180k tonnes<\/a> of Russian wheat at an average price of USD 332.30 a tonne last week, only a week after purchasing 360k tonnes<\/a> from Russia, Romania and Ukraine.<\/p>\n

The result:<\/strong> Russian agriculture consultancies have pegged the price of wheat at USD 326-327 per tonne FOB, up USD 2 from the week prior. Prices could still be increasing as Russia\u2019s state export tax is expected to rise again this week to reach USD 69.9 a tonne.<\/p>\n

A sharp 180\u00b0 turn:<\/strong> Just two weeks before its re-entry into the market, Egypt cancelled a tender due to high prices \u2014 the fourth time it has done so this year.<\/p>\n

GASC\u2019s tenders are delivering the highest prices in at least five years<\/strong> as a multitude of factors \u2014 among them low crop yields, higher fertilizer prices<\/a> and trade tariffs \u2014 cause global prices to rise to 10-year highs<\/a>. The government is preparing to start reducing bread subsidies<\/a> to soften the impact on the state budget, and is looking to prevent further damage with hedging contracts.<\/p>\n

Now, it\u2019s trying to diversify:<\/strong> The Agriculture Ministry yesterday approved<\/a> a proposal to purchase wheat from Latvia for the first time.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s wheat binge is putting further pressure on food prices abroad: Prices of Russian wheat notched new highs last week amid increased demand from Egypt, one of its biggest customers and the world\u2019s biggest wheat importer, Reuters reports. Egypt has been on a buying-spree: State commodities buyer GASC bought 180k tonnes of Russian wheat at […]<\/p>\n","protected":false},"author":1,"featured_media":555302,"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":[317,72,900,550,182,270,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555301","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodities","tag-commodities","tag-enterpriseam","tag-food-and-beverage","tag-gasc","tag-inflation","tag-russia","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"01393c38-caed-41c5-a0dd-1d4724b14015","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/11\/378.jpg","photo_position":"above","related_issue":[555289],"teaser":"","voice_url":""},"yoast_head":"\nRussia hikes wheat prices on high Egyptian demand - 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\/2021\/11\/09\/russia-hikes-wheat-prices-on-high-egyptian-demand\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Russia hikes wheat prices on high Egyptian demand\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s wheat binge is putting further pressure on food prices abroad: Prices of Russian wheat notched new highs last week amid increased demand from Egypt, one of its biggest customers and the world\u2019s biggest wheat importer, Reuters reports. 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The General Authority for Supply Commodities (GASC) yesterday purchased 180k tonnes of\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\/2021\/11\/284.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":643132,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/30\/gasc-purchases-295k-tonnes-of-russian-romanian-wheat\/","url_meta":{"origin":555301,"position":1},"title":"GASC purchases 295k tonnes of Russian, Romanian wheat","author":"enterpriseam admin","date":"30 August 2017","format":false,"excerpt":"The General Authority for Supply Commodities (GASC) purchased 295k tonnes of wheat yesterday, of which 235k tonnes came from Russia and 60k tonnes from Ukraine, Reuters reports. The lowest offer GASC received in the tender was USD 186.05 per tonne free-on-board (FOB) for 60k tonnes of Russian wheat, traders tell\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":605147,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/23\/egypt-buys-most-expensive-wheat-in-four-years-russia-left-out\/","url_meta":{"origin":555301,"position":2},"title":"Egypt buys most expensive wheat in four years, Russia left out","author":"enterpriseam admin","date":"23 December 2018","format":false,"excerpt":"State grain buyer GASC purchased 120,000 tonnes of wheat at the highest prices in four years during an international tender on Thursday for delivery between 11 and 20 February, according to Reuters. This was the first time in six months that Egypt did not purchase Russian wheat, the newswire highlighted,\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":553373,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/01\/egypt-may-have-just-made-its-biggest-ever-wheat-purchase\/","url_meta":{"origin":555301,"position":3},"title":"Egypt may have just made its biggest-ever wheat purchase","author":"enterpriseam admin","date":"1 December 2021","format":false,"excerpt":"Egypt buys the wheat dip: Egypt\u2019s state-owned grains buyer has taken advantage of a dip in wheat prices to purchase what sources tell Agricensus could be the country\u2019s largest-ever tender. GASC bought 600k tonnes of wheat on Monday, securing heavy discounts from traders as wheat futures fell, according to the\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\/2021\/12\/197.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":624611,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/13\/wheat-import-prices-begin-to-ease-up-for-gasc\/","url_meta":{"origin":555301,"position":4},"title":"Wheat import prices begin to ease up for GASC","author":"enterpriseam admin","date":"13 September 2018","format":false,"excerpt":"The General Authority for Supply Commodities (GASC) purchased 235k tonnes of Russian wheat in an international tender yesterday, according to Reuters\u2019 Arabic service. The lowest offer received in a tender for 55,000 tonnes of wheat was USD 222.70 per tonne FOB from trading firm Daewoo, traders tell Reuters. The shipment\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":559764,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/03\/could-france-soon-replace-russia-as-our-prime-wheat-supplier\/","url_meta":{"origin":555301,"position":5},"title":"Could France soon replace Russia as our prime wheat supplier?","author":"enterpriseam admin","date":"3 February 2021","format":false,"excerpt":"French wheat could be filling the Russia-shaped hole in Egypt\u2019s import quota: Swiss commodities giant Glencore made the lowest offer in GASC\u2019s international wheat tender yesterday, the first since the state grain buyer canceleda tender in response to possible export restrictions on Russian wheat, Reuters reports. The firm offered to\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\/2021\/2\/62.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\/555301","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=555301"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555301\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/555289"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/555302"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555301"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555301"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}