Reuters – Egypt is in its latest round of talks to buy wheat by direct purchase, traders said, a system the government has said can provide more attractive prices since the Ukraine war disrupted grain markets.
Egypt’s state grains buyer, the General Authority for Supply Commodities (GASC), held private talks with at least three suppliers, with traders saying that no purchase had been made so far.
It was unclear if GASC would eventually make a purchase or if it was just assessing prices.
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Egypt, one of the world’s biggest wheat importers, has not issued international purchasing tenders since it cancelled one in mid-July.
The country has opted instead to buy around 1.5 million tonnes of wheat through private direct talks with global companies.
Egypt’s government has sought to diversify origins for wheat supplies and purchasing options following Russia’s invasion of Ukraine in February, which disrupted grain markets and cast uncertainty over exports via the Black Sea.
In May, the cabinet approved purchases of global wheat supplies through direct offers from companies or governments sent to GASC in an effort to boost its wheat reserves.
Those include an outstanding agreement to purchase wheat from India.
Egypt’s current wheat reserves stand at around seven months, according to the supply ministry.
In times of uncertainty “we can obtain better prices and conditions compared to when there are global tenders,” Supply Minister Ali Moselhy told Reuters at a news conference.
Private talks allow for price negotiations to go on for days instead of hours.
