Egypt secures wheat needs through June 2025
Egypt’s state grain buyer, Mostakbal Misr for Sustainable Development, has locked in enough wheat to meet the country’s needs through the end of June 2025, two sources with direct knowledge told Reuters.
But a lack of details about the timing, pricing, and whether the contracts represent entirely new deals left some traders questioning the size of the deals.
The sources, asking not to be named because they were not authorised to speak publicly, told Reuters Mostakbal Misr's contracts totalled about 1.267 million metric tons, most of which was sourced from Russia.
Shipments of the contracted wheat have begun arriving at Egyptian ports, with further deliveries scheduled in the coming months, they added.
The selection of Mostakbal Misr in December as Egypt's sole importer of strategic commodities marked a significant change.
Mostakbal Misr, established in 2022 by presidential decree, was previously the development arm of the Egyptian Air Force and the decades-old General Authority for Supply Commodities (GASC) was the country's strategic grains buyer.