Monday, December 5

Global events may affect Egypt’s wheat supply temporarily, Egyptian supply minister says


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CAIRO — Global events may temporarily affect Egypt’s wheat supply but the country can adjust to them, Egypt’s supply minister Ali Moselhy told Reuters on Tuesday when asked whether Russia’s decision to freeze its participation in a UN-brokered grain export deal would affect its supply.

The global supply of wheat available is sufficient to meet the world’s needs, Moselhy added.

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Egypt, one of the world’s largest wheat importers, has not issued international purchasing tenders since mid-July, opting to buy directly from trading houses instead. Wheat prices have skyrocketed amid the conflict between Russia and Ukraine, two countries from which Egypt used to buy the majority of its wheat.

Moscow said on Saturday it was suspending its participation in a UN-brokered grain export deal after an attack on its Black Sea fleet. Ukraine has neither confirmed nor denied whether it was behind that attack. (Reporting by Momen Saeed Atallah; Writing by Nadine Awadalla ; Editing by Louise Heavens)



financialpost.com