Egypt's Mostakbal Misr receives first wheat import shipment

The port data viewed by revealed that Egypt's state grain purchaser, Mostakbal Misr for Sustainable Development received its first wheat shipment imported on December 30, 2018.

The Mikhail Nenashev, carrying a shipment of 28,000 tons, arrived at Alexandria's port. The seller or price of the shipment has not been revealed.

This is the first shipment for Mostakbal Misr. It took over Egypt's food supply in December and replaced the General Authority for Supply Commodities, which held that responsibility for decades.

Reports on December 27 stated that Mostakbal Misr had secured enough wheat for the country to meet its needs until the end of June. The estimated amount is 1.267 millions tons. This was after the company cancelled its first attempt in November to purchase wheat and vegetable oils through direct purchasing agreements due to procedural ambiguities.

Sources at the time said that shipments of wheat contracted had begun arriving in Egyptian ports with further deliveries planned in the coming months.

Some traders questioned the size of these deals due to the lack of information about the timing, the pricing and whether they were entirely new contracts.