Egypt to buy 3.8 million tons of wheat

Egypt’s General Authority for Supply Commodities (GASC) plans to acquire up to 3.8 million tons of wheat in a tender next week, taking advantage of the current drop in wheat prices.

Typically, Egypt buys less than a million tons at a time and does not disclose its purchasing intentions in advance. This tender features an unusually extended delivery period.

“There is a decrease in the global market and global commodity prices,” Egypt’s Finance Minister Ahmed Kouchouk told reporters on Tuesday. “It is a chance to buy what we need of these goods due to the current situation in the global market.”

The United States Department of Agriculture (USDA) projects Egypt’s total wheat imports for 2024-25 at 12 million tons. On Tuesday, wheat futures in Chicago rose but remained near their lowest levels in four years, with abundant US crops maintaining a well-supplied market.

Attribution: Bloomberg