Egypt witnessed a significant drop in the prices of flour and feed grains at the end of last week, with ton prices decreasing by 250 to 1,000 Egyptian pounds amidst increased supply and a calming demand.
According to the MIST Price Exchange's indicative prices, the price of a ton of local 44% soybean meal fell by about 1,000 pounds, recording a level of 29,500 pounds. Similarly, the price for a 46% ton decreased to 31,000 pounds.
Flour prices in the Egyptian markets also saw a decrease of about 200 pounds per ton. The 24% flour ton now stands at 14,250 pounds, down from 14,500 pounds, while the price for a 27% flour ton is now 14,500 pounds.
Conversely, the prices for local bran increased by about 200 pounds, rising from 10,300 pounds to 10,500 pounds in the markets. Additionally, the price for Ukrainian wheat of 11.5% quality is at 12,500 pounds.
Half a Million Tons of Wheat Purchased
The General Authority for Supply Commodities, under the Ministry of Supply and Internal Trade, previously announced the purchase of 420,000 tons of Russian wheat in an international tender, as reported by Reuters.
The authority stated that the purchase includes 210,000 tons of Russian wheat for shipment between January 10 and 20, and another 210,000 tons for shipment between January 21 and 31.
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