Arab Finance: The Egyptian government has set the price ceiling for future wheat purchases at $240 per ton, a government official told Asharq Business.

The official revealed that the country currently does not need to purchase new wheat shipments amid the increasing global wheat prices.

This comes after Russia’s Ministry of Agriculture announced it would raise wheat export duties by about 41%.

It is worth noting that Egypt’s strategic reserve of wheat is sufficient for 5.2 months.

The country’s wheat imports rose 30% year on year (YoY) in the first nine months of 2024, reaching 10.8 million tons, compared to 8.3 million tons.

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