Algeria is not under pressure to return to the international market after purchasing 3.95 million tonnes of cereals in the first 10 months of the year, official data showed on Sunday. In the same period last year Algeria, among the world's largest grains importers, bought 4.78 million tonnes of the commodity. Algeria is aggressively investing in its own agriculture to reduce its dependence on imports.
Cereals stocks now covered several months, an agriculture ministry official, who asked not to be named, told Reuters.
"The best time for us for buying is usually two to three weeks before the harvest (July). We are not in a hurry and we will buy at the best prices. The current prices are too high," the official said. Imports of cereals during the January-October period were worth $827.27 million. France is Algeria's top supplier. Algeria imported 4.9 million tonnes of cereals during the 2002-2003 season, 13 percent less than in 2001-2002.
It is the world's fifth largest purchaser of wheat after Brazil, the European Union, Egypt and Japan, according to the International Cereals Council.
This year's crop in Algeria was four million tonnes due to poor weather, down from 4.3 million in the 2002/2003 period.
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