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Procurement

Egypt sets initial wheat procurement price at 1,000 EGP per ardeb

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CAIRO, Aug 31 (Reuters)Egypt’s cabinet on Wednesday set the country’s initial wheat procurement price at 1,000 Egyptian pounds ($52.08) per ardeb (150 kilograms) for the 2023 local wheat procurement season, it said in a statement.

This represents a rise of about 15% rise from the current season’s procurement price of 865-885 Egyptian pounds per ardeb, depending on purity levels.

Since Russia’s invasion of Ukraine served to cut off Egypt from much of the Black Sea wheat it on which it depended, the world’s biggest importer of the grain has relied heavily on its domestic harvest in the face of rising international prices.

Egypt managed to procure 4.2 million tonnes of wheat from this season’s domestic harvest, supply minister Ali Moselhy said on Wednesday, 30% below its initial target of 6 million tonnes but surpassing 2021 levels.

The government has taken several steps to protect its wheat supplies, including asking farmers to supply at least 60% of their crop to the state and imposing fines and even jail sentences on those who fail to comply.

The local harvest started in April and ends on Thursday.

($1 = 19.2000 Egyptian pounds)

($1 = 19.1800 Egyptian pounds)

(Reporting by Momen Saeed Atallah Writing by Enas Alashray and Sarah El Safty Editing by David Goodman)

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