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Egypt Announces Price Band For Local Wheat Procurement

Egypt has announced the price band for domestic wheat procurement on Thursday ahead of planting for the new season. The band of prices ranges from 800 Egyptian pounds per ardeb (150 kilograms)to 820 Egyptian pounds per ardeb depending on the wheat’s purity level, according to a joint statement by the country’s ministries of supply, finance and agriculture.

The ministries gave the following breakdown of prices:

* 820 Egyptian pounds per ardeb for at 23.5% purity wheat.

* 810 Egyptian pounds per ardeb for at 23% purity wheat.

* 800 Egyptian pounds per ardeb for at 22.5% purity wheat.

The finance ministry will provide Egypt’s state grains buyer, the General Authority for Supply Commodities (GASC), and the Agriculture Bank of Egypt with funding in installments for the procurement of domestic wheat.
Source: Reuters (Reporting by Sarah El Safty; Editing by Andrea Ricci)

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