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Traders beat government at outset of wheat crop season

Traders beat government at outset of wheat crop season

Cairo: Farmers' Association said that traders and brokers outperformed the government, as they did in the rice crop season, as they managed to buy higher amounts of wheat from farmers than the government up till now.

The Egyptian government buys one Ardb (150kg) of wheat from farmers at EGP575, the same price offered by traders, but farmers prefer to sell to traders who pay farmers promptly and without delay.

" Traders emerged, as usual, to be the winners this season, with farmers being less hesitant to sell to traders who get extra 3kg of wheat per Ardb in return for expediting payment, Al-Mal newspaper quoted Farmers' Association chief Mohmed Farag as saying.

" More than 3500 tonnes of local wheat have been received by the government since the outset of the wheat purchasing season from the governorates of Wadi El-Gedid, Aswan, Qena, and Sharqya," Minister of Supply and Internal Trade Dr. Aly Meslhy said saturday on the sidelines of " Food Africa" exhibition.

" Contrary to a price gap of EGP4bn last year, there is no difference between local and global prices of wheat during this season, while hopes are high that locally-produced wheat may not be mixed up with imports of wheat during this season."

With Egypt's consumption of wheat amounting to 19 million tonne of wheat per year, it needs to import 10mn tonne. Ministery of Agriculture is expected to provide MSIT with 4.2 tonne of wheat this season which kicked off in April and will close in July.


Source: Al-Mal Newspaper 

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