Wheat (File photo: Reuters)
Egypt's government begins on Friday procurement of the local harvest of wheat for 3 months, expecting to buy a total of 4 million tonnes, the Ministry of Supply and Internal Trade said in a statement.
The world's largest wheat importer had banned the trading of imported wheat in the domestic market without permission from the supply ministry during this year's harvest season, from April to July.
Last year, the government purchased a record 5.3 million tonnes of domestic wheat, up from 3.7 million tonnes purchased a year prior, at the subsidised price of EGP 420 per tonne.
The government said it would procure local supplies this year at the subsidised price of EGP 410 to EGP 420 per ardeb (150 kg), depending on quality, reversing its decision to replace the crop subsidy with a land subsidy of EGP 1,300 per feddan (roughly one acre) of wheat grown.
In March Egypt's grain buyer, GASC, imported 60,000 tonnes of wheat, making stockpiles sufficient until the first week of July.