Egypt releases 156,000 tons of corn and soy fodder for $78 mln in a week: Agriculture minister

Ahram Online , Monday 5 Jun 2023

Egypt has secured the release of 156,000 tons of corn and soybeans worth $78 million from ports between 26 May and 1 June, Minister of Agriculture and Land Reclamation El-Sayed El-Qusair said in a statement on Monday.

Minister of Agriculture and Land Reclamation El-Sayed El-Quseir. Al-Ahram


The released cargo included 104,000 tons of corn worth $37 million, 52,000 tons of soybeans worth $39 million, and feed additives worth $1.5 million, he added.

The total fodder released from 16 October 2022 to 1 June amounts to 5.4 million tons, including four million tons of corn and 1.4 million tons of soybeans and feed additives, read the statement. These are all valued at $2.6 billion, the statement added.

The country suffered a shortage of feed supply as a result of essential supplies previously being held at ports over restrictions previously applied on import finance due to a hard currency crunch.

The Russia-Ukraine war and the depreciation of the Egyptian pound against the US dollar were main contributors to compounding the problem.

The subsequent drop in supply as well as the soaring prices of eggs and poultry led many producers to exit the market.

The government started easing the restrictions late 2022 following a $3 billion loan deal from the IMF in exchange for the adoption of a flexible exchange regime.

Recently, the government announced it will import 170,000 cattle for Eid Al-Adha, taking place in late June.

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