{"id":559207,"date":"2021-01-13T03:49:22","date_gmt":"2021-01-13T03:49:22","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/13\/russian-wheat-tax-prompts-egypt-to-cancel-tender\/"},"modified":"2021-01-13T03:49:22","modified_gmt":"2021-01-13T03:49:22","slug":"russian-wheat-tax-prompts-egypt-to-cancel-tender","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/13\/russian-wheat-tax-prompts-egypt-to-cancel-tender\/","title":{"rendered":"Russian wheat tax prompts Egypt to cancel tender"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>State grain buyer GASC called off a wheat tender yesterday as top supplier Russia <\/strong><strong>prepares to raise taxes on grain exports<\/strong>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-01-12\/russian-wheat-tax-risk-spooks-traders-roiling-egyptian-tender?sref=mmeFTDW1\">Bloomberg<\/a> reports. The tender attracted offers from only a handful of traders, the fewest since June, and at a high price, says the business information service.<\/p>\n<p><strong>Russian officials are due to meet this week to discuss the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e15148ef-0141-4aef-aa58-afd2af0a0c5e\">plan<\/a><\/strong> \u2014 which involves a grain-export ceiling and a EUR 25 (USD 30) tax per tonne on wheat exports in a protectionist bid to boost local supply and stabilize prices, and will likely move forward as markets have already priced in the tighter restrictions. There\u2019s a possibility the tax could be higher than originally planned, at EUR 50 per tonne, Bloomberg cited a report by Interfax as saying.<\/p>\n<p><strong>Russia is Egypt\u2019s most important source of wheat:<\/strong> GASC made record purchases of Russian wheat since the start of the pandemic to ensure its strategic stockpile and curb any possible wheat shortages. Russian wheat constituted 80% of Egypt\u2019s wheat purchases <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f927d6e4-0d10-4d72-8de5-db92560e6c9b\">last season<\/a>, with 2.5 mn tonnes bought as of August and more expected to come.<\/p>\n<p><strong>Egypt rarely cancels international wheat tenders. <\/strong>The last time it did so was at the onset of the pandemic <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0528390b-2c0f-4a81-b9ec-ce1f846e190a\">in April 2020<\/a>, when it made a change to how it pays suppliers.<\/p>\n<p><strong>Prices are rising:<\/strong> Wheat, corn, and soy futures are at six-year highs due to Russia\u2019s plan and adverse weather conditions globally.<\/p>\n<p><strong>Hedging imminent?<\/strong> The tax might prompt the Finance Ministry to take out hedging contracts and guard against rising grain prices, Pharos\u2019 head of research Radwa El Swaify told us <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e15148ef-0141-4aef-aa58-afd2af0a0c5e\">last month<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>State grain buyer GASC called off a wheat tender yesterday as top supplier Russia prepares to raise taxes on grain exports, Bloomberg reports. The tender attracted offers from only a handful of traders, the fewest since June, and at a high price, says the business information service. Russian officials are due to meet this week [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":559208,"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":[97,317,72,9323,270],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodities","tag-agriculture","tag-commodities","tag-enterpriseam","tag-protectionism","tag-russia","wpautop","entry"],"acf":{"mongo_id":"3d48acd9-1dbc-4600-8e19-e075b2db98b5","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/1\/147.jpg","photo_position":"above","related_issue":[559192],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Russian wheat tax prompts Egypt to cancel tender - 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\/01\/13\/russian-wheat-tax-prompts-egypt-to-cancel-tender\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Russian wheat tax prompts Egypt to cancel tender\" \/>\n<meta property=\"og:description\" content=\"State grain buyer GASC called off a wheat tender yesterday as top supplier Russia prepares to raise taxes on grain exports, Bloomberg reports. The tender attracted offers from only a handful of traders, the fewest since June, and at a high price, says the business information service. Russian officials are due to meet this week [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/13\/russian-wheat-tax-prompts-egypt-to-cancel-tender\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-13T03:49:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/1\/147.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/13\/russian-wheat-tax-prompts-egypt-to-cancel-tender\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/13\/russian-wheat-tax-prompts-egypt-to-cancel-tender\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Russian wheat tax prompts Egypt to cancel tender\",\"datePublished\":\"2021-01-13T03:49:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/13\/russian-wheat-tax-prompts-egypt-to-cancel-tender\/\"},\"wordCount\":270,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/13\/russian-wheat-tax-prompts-egypt-to-cancel-tender\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/1\/147.jpg?fit=%2C&ssl=1\",\"keywords\":[\"agriculture\",\"commodities\",\"EnterpriseAM\",\"protectionism\",\"Russia\"],\"articleSection\":[\"Commodities\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/13\/russian-wheat-tax-prompts-egypt-to-cancel-tender\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/13\/russian-wheat-tax-prompts-egypt-to-cancel-tender\/\",\"name\":\"Russian wheat tax prompts Egypt to cancel tender - 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The Russian government may start to look at an\u2026","rel":"","context":"In &quot;SPEED ROUND: COMMODITIES&quot;","block_context":{"text":"SPEED ROUND: COMMODITIES","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/486.jpg?fit=%2C&ssl=1&resize=350%2C200","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":559207,"position":1},"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 &quot;Commodities&quot;","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":[]},{"id":567982,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/14\/russia-our-biggest-wheat-supplier-is-mulling-a-grain-tax\/","url_meta":{"origin":559207,"position":2},"title":"Russia, our biggest wheat supplier, is mulling a grain tax","author":"enterpriseam admin","date":"14 December 2020","format":false,"excerpt":"Egypt\u2019s largest wheat supplier is planning to impose a temporary tax and maximum quota on grain exports in a bid to boost local supply and stabilize prices, sources close to Russian government discussions told Reuters. The tax could be between USD 27-30 per tonne of wheat, and it could be\u2026","rel":"","context":"In &quot;Commodities&quot;","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/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":555103,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/02\/more-inflation-ahead-as-wheat-prices-continue-to-rise\/","url_meta":{"origin":559207,"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 &quot;Commodities&quot;","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":592427,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/egypt-buys-more-russian-wheat-as-moscow-mulls-mates-rates\/","url_meta":{"origin":559207,"position":4},"title":"Egypt buys more Russian wheat as Moscow mulls mates\u2019 rates","author":"enterpriseam admin","date":"6 August 2023","format":false,"excerpt":"Russia is wielding its grain powerhouse status as a political tool","rel":"","context":"In &quot;Commodities&quot;","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/210.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555573,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/18\/wheat-tender-price-rises-again\/","url_meta":{"origin":559207,"position":5},"title":"Wheat tender price rises again","author":"enterpriseam admin","date":"18 November 2021","format":false,"excerpt":"Wheat tender price rises again: GASC bought 60k tonnes of Romanian wheat in an international tender for shipment between 1-15 January at USD 346.97 per tonne, Reuters reports. This price is more than 4% higher than the previous tender, which saw the state grain buyer pay an average price of\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559207","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=559207"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559207\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/559192"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/559208"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=559207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=559207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=559207"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=559207"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=559207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}