Egypt sets new procurement prices

20/03/2017,

On 8 March, the Government announced the new procurement prices for the 2017 wheat crop. Prices range from USD 210.2 to USD 217.8 per tonne (EGP 555 – 575 per ardeb or 150 kg) depending on crop quality and production costs. Earlier in the year, the Government had set a procurement pricing system based on the moving average international price (FPMA Food Policies); however, in response to concerns about volatile exchange rates and local production costs, fixed prices were stipulated. The average procurement price of USD 214 per tonne mirrors the price paid by the country for imported wheat in its last tender before the announcement. Procured wheat can only be received in silos and barns owned by holding companies belonging to the Ministry of Supply and Internal Trading to preserve the quality of the grains and no wheat will be received in dirt barns (shonas, traditional flat storage system).

Country: Egypt