The Egyptian government will continue its purchases of wheat from local producers until June 30. With this extension of ten days of the initial period, the authorities hope to reach 4 million tonnes of wheat purchased, against the current 3.7 million. Nevertheless, the country is still below its forecast which projected 4.4 million tons of purchased wheat.
The MENA news agency indicated that the authorities are currently considering to cancel the preferential rate which is over $ 100 per tonne. This rate is applied to local producers to encourage them to sell their crops to the government.
Egypt, which is the world’s largest importer of wheat, struggle to achieve self-sufficiency in the production of grains and a total of $ 4.5 billion is injected annually by the country to import wheat.