Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Bloomberg: Top wheat importer "Egypt" to pay more in tender


Tue 24 Jul 2018 | 10:23 PM
Taarek Refaat

NEW YORK, JULY 24 (SEE) Bloomberg said on Tuesday that amid rising world prices in wheat, Egypt will have to pay an additional $10 for each ton reaching $230 per ton.

Drought hit the wheat crop in the Black Sea and Europe, which makes the Egyptian government obliged to pay additional costs for wheat supplies.

However, Egypt will not face any problem in wheat supply " A drought and a decline in production will not affect the quantities requested by Egypt," Bloomberg pointed out.

Chicago's benchmark futures traded 20 percent higher this year, and Russian production will fall for the first time in six years and production in Ukraine will be lower than expected, the same is for Germany, France, and the Baltic states, Bloomberg added.

Egypt paid an average of $220.25 per ton for 175 thousand tons of Russian wheat during the last tender held on July 10, and Russia is expected to continue to dominate Egyptian requests despite the crisis.