300K tons of wheat traded on EMX since launch
Updated 1/16/2023 2:11:00 PM
ArabFinance: A total of 300,000 tons of wheat have been traded on the Egyptian Mercantile Exchange (EMX) since November 28th, 2022, Head of the Internal Trade Development Authority (ITDA) Ibrahim Ashmawy told the Middle East News Agency (MENA) on January 16th.
Most of the traded wheat are Russian, except for one German shipment, Ashmawy pointed out.
In an interview with Asharq Business, he added that EMX eyes offering another 5 or 6 food and non-food products this year.
During EMX’s first phase, the country's grain buyer the General Authority for Supply Commodities (GASC) offers wheat to mills in the exchange on Sundays and Wednesdays.
One of the goals of EMX is to stabilize the prices of the traded commodities and to boost the strategic stock of goods that may reach 8 and 9 months.
Meanwhile, Minister of Supply and Internal Trade Ali Moselhy told Asharq Business on January 16th that Egypt aims to procure 4 million tons of local wheat this season which will start by mid-April.
On January 11th, President Abdel Fattah El-Sisi directed the government to make the supply price of wheat rewarding for farmers in a way that achieve an adequate economic return for them.
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