Egypt launches trading of corn on commodities exchange

In an exciting development, Egypt’s state grains buyer has introduced yellow corn to the nation’s recently established commodities exchange. This announcement was made by the exchange’s head, Ibrahim Ashmawy, in a statement released on Saturday.

Earlier this year, Egypt’s General Authority for Supply Commodities (GASC) took action to tackle a feed crisis affecting small producers by initiating uncommon tenders for corn. The move aimed to alleviate the situation that had forced some farmers to make the difficult decision to cull chicks.

Supply Minister Ali Moselhy announced that the corn will be made available to local producers through the exchange.

Egypt, a major buyer of basic commodities, has been suffering from a foreign currency crunch that sent the pound tumbling by nearly 50% against the dollar, suppressed imports, and pushed official headline inflation to 31.9% in February, its highest for five and a half years.

Egypt’s annual urban consumer inflation rate in March climbed to 32.7% year-on-year, just shy of an all-time record.

GASC has similarly offered wheat to struggling mills via the exchange, selling nearly 570,000 tonnes since the launch of the exchange in November, the statement added.

(Reuters)