Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Egypt to Start Trading Wheat through Mercantile Exchange on Nov. 27

Tue 22 Nov 2022 | 07:25 PM
Taarek Refaat

The Ministry of Supply and Internal Trade, in coordination with the Egyptian Mercantile Exchange (EMX), decided that the General Authority For Supply Commodities (GASC) would offer quantities for sale from its wheat stock to these mills through the Stock Exchange platform, at a rate of offering twice a week.

The ministry said in a statement on Tuesday that the offering will start on Sunday, November 27, to represent the actual launch date for the EMX.

It pointed out that this comes in line with the Egyptian state's policy in regulating commodity markets to control and stabilize commodity prices in the Egyptian market, given the repercussions of the Russian-Ukrainian war crisis and its impact on global wheat supplies,

"It is also a contribution to managing the needs of private sector milling companies for imported wheat so that this does not affect prices in the local market," the statement added.

"GASC will be the selling party for the available quantities so that this does not affect the strategic reserve, and the Silos Holding Company will be the party obligated to deliver."

In order for the milling companies to benefit from this trading on ​​the EMX and to participate as a buyer of wheat in these auctions, it is necessary for the milling companies who wish to apply for these auctions to register in the membership of the Mercantile Exchange first, and that by entering the following link: