Egypt sets guaranteed purchase prices for 4 key commodities
Updated 2/23/2023 8:29:00 AM
Arab Finance: The Egyptian Cabinet has agreed to set guaranteed prices for the purchase of corn, soybean, and sunflower crops from farmers for the 2023 summer season, according to an official statement on February 22nd.
This decision is set to incentivize local farmers to increase the cultivation of these important crops and cut the import bill.
The Cabinet approved the guaranteed purchase prices of white corn at EGP 9,000 per ton, EGP 9,500 for yellow corn, EGP 18,000 for soybeans, and EGP 15,000 for sunflower seeds.
Moreover, Reuters reported that Madbouly said these prices could rise if prices on global exchanges increased; however, they will never fall below the "guaranteed price".
Madbouly also noted that the scheme could include other strategic goods such as wheat that its local procurement price was set at EGP 1,250 per ardeb by the government in January.
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