Includes the first shipment from Ukraine since the start of the war. Egypt buys 175,000 tons of grain

Traders told Reuters that the General Authority for Supply Commodities, the state buyer of grain in Egypt on Thursday likely bought 175,000 tons of grain through private talks with suppliers.

This includes the authorities’ first purchases of Ukrainian grain since the Russian invasion last February.

Traders added that negotiations are still on in course and it is likely that the authority will buy more.

Traders also said the authority likely bought 60,000 tons of Russian wheat from Solaris at $361 a ton, including freight.

Egypt canceled its latest wheat procurement tender and is believed to have recently bought more than 600,000 tons of Russian wheat through direct talks with traders.

This year, Egypt has chosen to purchase the grain through private talks with traders rather than through tenders. Supply Minister Ali al-Moselhi said in September that this option ensures more attractive prices.

Al-Moselhi confirmed, at the time, that there was coordination with the central bank governor to provide the necessary funds to importers of free grain, needed for the production of free flour.

The minister indicated that these measures and official government moves will help control the markets and prices of free grain and flour products, which are needed for the free production of tourist bread, bakery, sweets, wine bread and pasta industry during the next period.

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