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Egypt's GASC to provide imported wheat to private sector

Reuters , Monday 9 Nov 2015
Wheat
Wheat (Photo: Reuters)
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Egypt's supplies ministry said on Monday it had signed a deal with the chamber of grain industries paving the way for its state grain buyer GASC to supply imported wheat to the private sector.

A statement by the ministry said the General Authority for Supply Commodities would provide flour producers with imported wheat.

Egypt is one of the world's biggest importers of wheat. On October 29 the state grain buyer (GASC) bought 240,000 tonnes of Romanian, Polish and French wheat in a tender for December 1-10 shipment.

The country's supplies minister later said that Egypt's strategic wheat reserves are enough to last until the middle of April.

Egypt, which used to annually set a local procurement price for Egyptian wheat above global prices to encourage farmers to grow the crop, said on Thursday it will buy local wheat from farmers at an average global price starting next season.

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