{"id":633624,"date":"2024-07-17T00:00:00","date_gmt":"2024-07-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/17\/egypt-stocking-up-more-wheat-amid-a-price-slump\/"},"modified":"2024-07-17T00:00:00","modified_gmt":"2024-07-17T00:00:00","slug":"egypt-stocking-up-more-wheat-amid-a-price-slump","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/17\/egypt-stocking-up-more-wheat-amid-a-price-slump\/","title":{"rendered":"Egypt stocking up more wheat amid a price slump"},"content":{"rendered":"

Good afternoon, friends, and happy almost-Thursday. <\/strong>We hope you\u2019re staying cool and hydrated as we welcome another scorching heatwave that is expected to last until the middle of next week. <\/p>\n

THE BIG STORY TODAY<\/p>\n

770k tons of mostly Russian wheat is coming our way:<\/strong> State grain buyer GASC has bought 770k tons of wheat from Russia and Bulgaria in its largest single purchase since June 2022, Reuters<\/a> reports. Some 720k tons will be sourced from Russia while the rest will be supplied by Bulgaria. Low price offered for the wheat \u2014 which averaged around USD 221 per ton<\/a> \u2014 cast doubt on whether the unofficial minimum export price, intended to curb Russian wheat exports, was being enforced, traders told the newswire.<\/p>\n

Increasing wheat reserves amid a global price slump:<\/strong> The government plans to extend strategic commodity reserves from six to nine months, in light of increased FX availability and global price declines, an anonymous official told Asharq Business<\/a>. This latest wheat buy increased Egypt\u2019s reserves to seven months, the official noted.<\/p>\n

THE BIG STORY ABROAD<\/p>\n

Still on the Trump train: <\/strong>US presidential candidate Donald Trump continues to dominate international headlines today, with news outlets tracking developments at the Republican National Convention in Milwaukee and detailing Silicon Valley\u2019s enthusiastic embrace of Trump after his announcement that Ohio senator JD Vance would serve as his running mate.<\/p>\n

Nikki Haley, who once called Trump \u201cunfit for office,\u201d endorsed the former president<\/strong> at the Republican convention earlier today, telling<\/a> the Milwaukee crowd, \u201cYou don\u2019t have to agree with Trump 100% of the time to vote for him.\u201d<\/p>\n

Meanwhile, <\/strong>big tech continues to line up behind Trump as traditionally liberal Silicon Valley moves away from the Democratic Party amid concerns over AI regulation in Washington, the Wall Street Journal<\/a> reports. Trump\u2019s new running mate JD Vance, a former employee of venture capitalist Peter Thiel, has been a critical link between the Trump campaign and Silicon Valley\u2019s biggest names since before joining the ticket.<\/p>\n

Finally,<\/strong> the FT<\/a> notes the uncharacteristically low profile that Trump\u2019s wife Melania, daughter Ivanka, and son-in-law Jared Kushner have maintained in and out of the Republican National Convention \u2014 a marked shift from Trump\u2019s last presidential campaign and term.<\/p>\n

WHILE IN BUSINESS NEWS- <\/strong>HSBC has named CFO Georges Elhedery as its next CEO. (FT<\/a>, WSJ<\/a>, Reuters<\/a>)<\/p>\n

\n
\n
\n
\n

Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM:<\/strong><\/p>\n