Egypt to reduce corn imports amid oversupply, inflation concerns

Egyptian corn imports are expected to slow amid oversupply and an inflationary economy that has sapped consumer confidence, according to traders. Market participants said that approximately 1.5 million to 1.6 million mt of corn is currently available. Egypt has consistently imported large quantities of corn in anticipation of the Ramadan season that runs from Feb. 28 to March 29. An importer noted that 1 million mt of corn has arrived for five consecutive months, exceeding current demand. “Egypt is in an inflationary period, and purchasing power has already declined. I don’t think people will buy much because they have been losing money for the past two months,” an Egypt-based trader said. Additionally, in the domestic market, corn continues to trade well below replacement levels, currently around $8/mt to $10/mt below replacement costs. A second importer from Cairo said that the prices at which corn is sold to feed mills are lower than imported prices, leading to significant ...