{"id":558515,"date":"2021-08-15T04:12:57","date_gmt":"2021-08-15T04:12:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/15\/wheat-shortages-could-push-bread-prices-higher-for-us-and-other-importers\/"},"modified":"2021-08-15T04:12:57","modified_gmt":"2021-08-15T04:12:57","slug":"wheat-shortages-could-push-bread-prices-higher-for-us-and-other-importers","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/15\/wheat-shortages-could-push-bread-prices-higher-for-us-and-other-importers\/","title":{"rendered":"Wheat shortages could push bread prices higher for us and other importers"},"content":{"rendered":"

<\/a> Bread prices could be about to rise as three of the world\u2019s biggest wheat <\/strong>exporters face shortages and quality concerns<\/strong>, Bloomberg<\/a> reports. Wheat prices are already at multi-year highs, and with drought threatening harvests in Canada and the US and a harsh winter hurting the Russian crop, analysts expect consumer prices to rise further in the coming weeks, heaping pressure on poorer nations and wheat importers.<\/p>\n

Egypt is the world\u2019s biggest wheat importer<\/strong>, and the news comes as President Abdel Fattah El Sisi said yesterday the government will be \u201crestructuring\u201d subsidies for basic commodities. He had earlier warned that the price of subsidized bread would need to rise for the first time in a generation.<\/p>\n

Mubadala is deepening ties with the world\u2019s largest asset manager: <\/strong>BlackRock and other institutional investors have invested USD 1.1 bn<\/a> in private equity ventures managed by the UAE\u2019s sovereign wealth fund. The commitment includes a USD 700 mn to a PE portfolio managed by the SWF\u2019s investment arm, Mubadala Capital, as well as a USD 400 mn investment in its third private equity fund.<\/p>\n

Wall Street analysts\u2019 are the most optimistic on stocks in <\/strong>two-decades after a better-than-expected US earnings season<\/strong>, with the S&P 500 index and Nasdaq Composite both reaching record levels last month, Bloomberg<\/a> reports. \u201cIt\u2019s not just financial conditions and low rates fueling the appetite for risk assets \u2014 tremendous fundamental improvement is forecast into 2022,\u201d one analyst says. Analysts see scope for even more gains, with businesses in the travel and hospitality industry still down, leaving room for a rebound second act.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

10,885<\/p>\n<\/td>\n

\n

+0.3% (YTD: +0.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 15.65<\/p>\n<\/td>\n

\n

Sell 15.75<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 15.65<\/p>\n<\/td>\n

\n

Sell 15.75<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,323<\/p>\n<\/td>\n

\n

-% (YTD: +30.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

7,594<\/p>\n<\/td>\n

\n

+0.5% (YTD: +50.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

2,814<\/p>\n<\/td>\n

\n

-0.1% (YTD: +13.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,468<\/p>\n<\/td>\n

\n

+0.2% (YTD: +19.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,218<\/p>\n<\/td>\n

\n

+0.4% (YTD: +11.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 70.59<\/p>\n<\/td>\n

\n

-1.0%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 3.86<\/p>\n<\/td>\n

\n

-1.8%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,778.20<\/p>\n<\/td>\n

\n

+1.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 47,066.09<\/p>\n<\/td>\n

\n

-0.99% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 0.3% at Wednesday\u2019s close<\/strong> on turnover of EGP 1.74 bn (24% above the 90-day average). Local investors were net buyers. The index is up 0.4% YTD.<\/p>\n

In the green: <\/strong>Heliopolis Housing (+3.0%), Fawry (+1.6%) and Speed Medical (+1.4%).<\/p>\n

In the red: <\/strong>Sidi Kerir Petrochemicals (-4.5%), Raya Holding (-3.1%) and Ezz Steel (-2.3%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Bread prices could be about to rise as three of the world\u2019s biggest wheat exporters face shortages and quality concerns, Bloomberg reports. Wheat prices are already at multi-year highs, and with drought threatening harvests in Canada and the US and a harsh winter hurting the Russian crop, analysts expect consumer prices to rise further in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[7210],"tags":[1077,72,119,564,1553,120,122,758,121,98,90,897,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-558515","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-blackrock","tag-enterpriseam","tag-financial-markets","tag-food","tag-mubadala","tag-nasdaq","tag-planet-finance","tag-private-equity","tag-sp-500","tag-subsidies","tag-uae","tag-wall-street","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"f62de68a-b04d-4cba-b563-9cebf934b09e","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[558495],"teaser":"","voice_url":""},"yoast_head":"\nWheat shortages could push bread prices higher for us and other importers - 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\/08\/15\/wheat-shortages-could-push-bread-prices-higher-for-us-and-other-importers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wheat shortages could push bread prices higher for us and other importers\" \/>\n<meta property=\"og:description\" content=\"Bread prices could be about to rise as three of the world\u2019s biggest wheat exporters face shortages and quality concerns, Bloomberg reports. 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State grain buyer GASC had been allocated some EGP 87 bn in this fiscal\u2026","rel":"","context":"In "FOOD SECURITY"","block_context":{"text":"FOOD SECURITY","link":"https:\/\/enterpriseam.com\/egypt\/category\/food-security\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":556554,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/31\/supply-ministry-downplays-potential-for-bread-subsidy-cuts-as-global-wheat-prices-rise\/","url_meta":{"origin":558515,"position":1},"title":"Supply Ministry downplays potential for bread subsidy cuts as global wheat prices rise","author":"enterpriseam admin","date":"31 October 2021","format":false,"excerpt":"Bread prices may rise, but it will \u201ctake time\u201d: The government is playing down the likelihood of an imminent increase in the price of subsidized bread amid rising global wheat prices, with Supply Minister Al El Moselhy telling reporters on Thursday that it \u201cwill take time\u201d for the government 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\/10\/323.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543667,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/13\/private-sector-eclipses-gasc-as-egypts-leading-wheat-importer\/","url_meta":{"origin":558515,"position":2},"title":"Private sector eclipses GASC as Egypt\u2019s leading wheat importer","author":"enterpriseam admin","date":"13 February 2022","format":false,"excerpt":"The private sector was Egypt\u2019s leading wheat importer last year: Private sector wheat imports surpassed purchases by the state-run General Authority for Supply Commodities (GASC) in 2021 \u2014 and could continue to lead Egypt\u2019s wheat imports, Reuters reports, citing industry experts.In numbers: The private sector imported 6.9 mn 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\/2022\/2\/164.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555103,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/02\/more-inflation-ahead-as-wheat-prices-continue-to-rise\/","url_meta":{"origin":558515,"position":3},"title":"More inflation ahead as wheat prices continue to rise","author":"enterpriseam admin","date":"2 November 2021","format":false,"excerpt":"Wheat prices rise again in fresh tender: Egypt has seen the price of Russian wheat rise another 1.5% in just a few days as its state grain buyer issued its second international tender in less than a week. 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":555418,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/14\/govt-to-pay-13-more-for-local-wheat-next-year\/","url_meta":{"origin":558515,"position":4},"title":"Gov\u2019t to pay 13% more for local wheat next year","author":"enterpriseam admin","date":"14 November 2021","format":false,"excerpt":"Local wheat prices to rise 13% for gov\u2019t next year: The government will pay 13% more per ardib of locally grown wheat in 2022 according to the purchase prices that have been set by the supply, agriculture and finance ministries before planting for the new season begins. A joint statement\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\/437.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555301,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/09\/russia-hikes-wheat-prices-on-high-egyptian-demand\/","url_meta":{"origin":558515,"position":5},"title":"Russia hikes wheat prices on high Egyptian demand","author":"enterpriseam admin","date":"9 November 2021","format":false,"excerpt":"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\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\/378.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\/558515","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=558515"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558515\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/558495"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=558515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=558515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=558515"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=558515"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=558515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}