Egypt raises local wheat procurement price to EGP 1600 per ardeb

Egypt increased the reference local wheat procurement price to 1600 Egyptian pounds per ardeb, up from 1,500 pounds per ardeb for the 2024 season to encourage farmers to supply this strategic crop, cabinet’s statement said on Thursday.

The country is expected to import 12 million tons of wheat during the current fiscal year 2023/2024, which started on 1 July, according to a report by the Food and Agriculture Organisation released in July.