Egypt’s strategic reserves of wheat sufficient for 4.6 months
Updated 11/12/2024 10:04:00 AM
Arab Finance: Egypt’s wheat reserves are sufficient for 4.6 months, while reserves of cooking oil and sugar are adequate for seven and 14 months, respectively, Deputy Chairman of the General Authority for Supply Commodities (GADC) Hossam Elgrahy told Asharq Business.
He also revealed that the first vessels carrying 430,000 tons of Russian wheat are scheduled to begin loading on November 18th.
The arrival of the Russian wheat shipment, initially expected earlier, was delayed due to logistical challenges on the Russian side, he said.
Elgrahy emphasized that these delays were not due to any disputes or crises between Egypt and Russia.
He added that Egypt currently avoids importing wheat from the US, as freight costs from the US are significantly higher, around $54 per ton, compared to the $17 per ton rate from Black Sea ports, a more economical option that helps Egypt manage costs in its essential commodities imports.
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