Egypt Mercantile Exchange: Total traded wheat value hits EGP 12.3 bln in ’23

The total value of all wheat traded on the Egyptian Mercantile Exchange (EMX) has reached 12.3 billion Egyptian pounds ($398 million) in one year, said EMX chairman Ibrahim Ashmawi on Tuesday.

Speaking during a press conference in Cairo, Ashmawi further said the total volume of wheat traded on the EMX has amounted to 1.2 million tons.

Egypt started offering wheat in the EMX on November 27, 2022.

139 companies have so far registered on the exchange in Cairo, he added.

The exchange, which began trading in November 2022, has wheat, sugar, and yellow corn among its list of traded commodities, and plans to add  cotton, rice, propylene, gold, aluminum, and much more.  It aims to operate as a spot market with prices determined by supply and demand, operating on a closed bidding system, where bidders submit offers in a sealed envelope and the country’s state grains buyer GASC selects the best one.