Business | Markets
Egypt's wheat stocks sufficient into August
Egypt has enough strategic reserves of wheat to meet domestic consumption needs for the next three-and-a-half months
- Reuters
- Published: 00:45 April 27, 2008
Cairo: Egypt has enough strategic reserves of wheat to meet domestic consumption needs for the next three-and-a-half months, a government minister said on Saturday.
State news agency Mena quoted Social Solidarity Minister Ali Musailhi as saying there were 2.3 million tonnes of wheat already in the country.
That quantity, combined with unspecified amounts Egypt has contracted for, can meet its needs to the second week of August, Musailhi said.
He added that 3.5 million tonnes of domestic wheat was expected this season.
Higher global wheat prices in recent months have squeezed the world's major wheat-importing countries such as Egypt, whose main government wheat buyer, GASC, has bought over six million tonnes of overseas wheat since July 2007.
GASC-purchased wheat is the main source for subsidised flour which the government uses to make bread for the urban poor.
A larger than usual quantity bought by GASC this fiscal year reflects the demand for government-subsidised bread in Egypt, driven by higher prices for free-market bread.
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