Egypt raises local wheat procurement price by 44% – PM

Egypt has raised its wheat procurement price by 44 percent at 1,250 Egyptian pounds ($42.23) per ardeb (150 kilograms) for the 2023 local procurement season, said Prime Minister Moustafa Madbouly on Wednesday.

The last season’s procurement price recorded between 865-885 pounds, which drew complaints from some farmers, and 25 percent above the initial price it set in August.

The North African country aims to procure about 4 million tons of wheat in the coming season which begins in April, Supply Minister Ali Moselhy said earlier this week.

Last year, the government said it procured 4.2 million tons, 30 percent below its initial target of 6 million tons but surpassing 2021 levels.