Egypt, the world's largest wheat importer, has bought 190,000 tons of locally produced wheat since the beginning of this year's harvest last week, according to news agency MENA, citing the Egyptian Ministry of Agriculture.
The government said last year that in the future, it will only buy wheat produced in the country at prices that are paid for imports.
The buyout price was set at 570-600 Egyptian pounds last week. This regulation upsets the grain farmers in the country, who have already stated that they want to grow other crops that are better off in the next season.
Egypt plans to import seven million tonnes of wheat in the 2018/19 marketing year and hopes to pay a maximum of USD 220 / tonne. This is clear from the draft budget, which became public last week.
Text: HANSA Derivatives Trading GmbH /
