Egypt has bought 3 million tonnes of domestic wheat since the start of the local buying season, state news agency MENA reported Egypt's Social Solidarity Minister as saying on Tuesday. Ali Musailhi said the amount was 500,000 tonnes more than targeted, MENA reported.
Egypt's state-owned grain body, the General Authority for Supply Commodities, had said it aimed to buy 3 million tonnes of domestic wheat this year. Musailhi said the ministry would buy more local wheat from any supplier still looking to sell.
The Finance Ministry has allocated 5 billion Egyptian pounds ($893 million) for local wheat purchases this year, and the Agriculture Ministry had set the price of procurement at between 240 ($42.86) and 250 pounds per ardeb (150 kg). Egypt, one of the world's top wheat importers, has bought over 5 million tonnes of overseas wheat through its main state wheat buyer, GASC, in the current fiscal year.
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