Market updates and forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Egypt is in talks to buy 1 million tons of wheat from Russia


September, 27 2023
watermark Economic news

Egypt intends to purchase 1 million tons of Russian wheat within the framework of intergovernmental agreements. Russia has been harvesting record harvests for the second year in a row, which has strengthened its position as the largest supplier of wheat.


The current negotiations between the two countries concern deliveries this season, but it is unclear how close the parties are to completing the deal. In early September, the Egyptian authorities announced that they had agreed to purchase 480,000 tons of wheat from Russia during direct negotiations. The deal was concluded at a price of $270 per ton, including freight. 


However, the conclusion of this transaction did not go smoothly. Last week, Bloomberg, citing sources, wrote that Egypt refused to buy almost half a million tons of wheat from Russia, as the parties did not agree on the price, and instead will purchase grain from France and Bulgaria. 


This is the second case in recent months when the purchase of Russian wheat by the state buyer of Egypt is disrupted due to Moscow's attempts to set an unofficial lower limit on export prices. 


Later, the first Deputy Minister of Supply of Egypt denied rumors that Egypt was abandoning Russian wheat. He called the relations between Cairo and Moscow strategic and added that the parties have no disagreements on procurement.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.