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Egypt waits and sees with Russian wheat

Russian ban on cereal exports expires in July but Egyptian state buyer will wait for harvest before ordering

Ahram Online, Tuesday 21 Jun 2011
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Egypt will wait until Russia’s harvest starts in August to decide whether to resume buying grain from Russia, Bloomberg reported. 

Yields, prices and a proposed duty on Russian grain exports will govern the decision by the General Authority for Supply Commodities, Egypt’s state wheat buyer, vice chairman Nomani Nasr Nomani said. 
 
Russia, which supplied Egypt with more than half of its imported wheat in the marketing year through June 2010, halted all cereal exports in August 2010 because of severe drought. 
 
The ban will expire on 1 July, Russia’s government said last month. 
 
“Last year the Russians failed to ship some quantities that were agreed upon even before the ban came into effect, and that is why I am wary of the Russian side,” Nomani said. 
 
The measure prompted Egypt to drop Russia from the list of countries approved as a source of imported wheat. 
 
Egypt is trying to diversify its sources of grain imports but may resume imports when it is comfortable with the Russian supply, officials suggest.
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