Arab Finance: The Egyptian Mercantile Exchange (EMX) has suspended wheat trading in mid-January, as a result of biddings at unreasonable prices by some traders, Minister of Supply and Internal Trade Ali Moselhy told Asharq Business.

The minister added that wheat trading will resume at a later time, pointing out that the suspension has nothing to do with the size of the strategic reserve of wheat.

Moselhy also said that Egypt does not plan to hedge against rising wheat prices in the next fiscal year (FY) 2024/2025.

Egypt's strategic reserve of wheat is sufficient for 4.2 months, while the sugar and cooking oil reserves are sufficient for 5.4 and 5.1 months, respectively, the minister stated.

Furthermore, he pointed out that the country imports between 6 to 7 million tons of wheat annually.

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