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Egypt to hold price for local wheat steady

Reuters, Sunday 10 Aug 2014
Wheat
File photo: A farmer harvests wheat on Miet Radie farm El-Kalubia governorate, about 60 km (37 miles) northeast of Cairo May 8, 2012 (Photo: Reuters)
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Egyptian Prime Minister Ibrahim Mahlab said on Saturday the government planned to buy local wheat from farmers "at a fair price no lower than last year," in comments broadcast by state television.

The government purchased wheat for 420 Egyptian pounds ($58.74) per ardeb (150 kg) in the most recent harvest season which ended in June.

Egypt pays domestic farmers more than $100 per tonne above the world market price for their wheat to encourage sales to the state.

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