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Elham AbolFateh

Business

Public Authority Supply contracts to buy 170 thousand tons of Russian wheat

Tuesday 10/October/2017 - 09:51 PM
Sada El Balad
Ahmed Moamar
The Public Authority Supply (PAS) has contracted to buy 170 thousand tons of Russian wheat at about one billion pounds.
The PAS seeks to bridge the gap between the local wheat product and actual consumption.
It is worth to mention that Egypt imports above 7 million tons of wheat every year to provide bread in subsided prices.
She is the leading country in importing wheat across the world.
On the other hand، European wheat futures fell on Tuesday to the lowest levels in nearly three weeks as a firm euro exacerbated an already difficult export outlook amid stiff competition from the Black Sea region.
Concerns about export prospects were reinforced when Egypt's state buyer GASC said on Tuesday it had bought 170،000 tons of Russian wheat in an international purchasing tender.

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