The General Authority for Supply Commodities (GASC) in Egypt announced that it has purchased 770,000 tons of wheat, most of which is sourced from Russia.
This marks the largest single purchase by the authority since 2022, following a decrease in Russian wheat prices.
The Egyptian authority clarified that the purchase includes 50,000 tons of Bulgarian wheat in addition to 720,000 tons of Russian wheat.
According to Reuters, a minimum price was applied since last year in an effort to slow down Russian wheat exports and stabilize local flour and bread prices.
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