Reuters – Egypt, often the world’s top wheat importer, is not concerned with the global decline in wheat stocks as it benefits from a diverse pool of suppliers, the Supply Ministry told Reuters in a statement.
“Our tender book includes 16 wheat import origins, which provides us with flexibility when it comes to managing the country’s needs for imported wheat,” the statement said.
Wheat stocks held by major exporters such as the European Union and United States are on track to fall to a nine-year low this season, according to the International Grains Council, with the drop in global output sparking a hunt for supplies. Tensions between Russia and Ukraine could also lead to disruptions in the grains market.
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The ministry said that the expected start of the local harvest in April would provide it with protection against any market disruptions.
“If, God forbid, there’s an escalation in tensions between Russia and Ukraine, we would be approaching the start of the local harvest and it extends all the way until October,” Supply Minister Ali Moselhy said February 15, adding that he was “not concerned.”
The prime minister said the following day that strategic reserves of wheat currently stand at 4.5 months. The government also expects local production of wheat to reach 10 million tonnes in this year’s harvest, the agriculture minister said.
