Egypt's wheat stocks are expected to reach their lowest level in 20 years in the 2023-24 marketing year due to a smaller crop, increased demand, and a change in trade flows caused by the conflict between Russia and Ukraine. The country's wheat production has declined due to a reduction in harvested area, prompting the Egyptian government to raise the delivery price of wheat in an effort to boost domestic production. As Egypt's population grows and puts more pressure on wheat supplies, the country's wheat imports are projected to rise by 7% in the 2023-24 marketing year.
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Egypt's ending wheat stocks in the 2023-24 marketing year are forecast to fall to their lowest level in 20 years as the country grapples with a smaller crop, increased demand and a shift in trade flows due to the ongoing conflict with Russia with Ukraine. These are the conclusions drawn in the latest country report by USDA's FAS. The annual decline in wheat production was due to a reduction in harvested area, which fell to 1.35 million hectares compared to 1.45 million in 2022-23. ", the report says. FAS noted that in an effort to increase domestic wheat production, the Egyptian government last April increased the delivery price of wheat by almost 70% compared to the previous marketing year. In 2023-24, consumption is expected to rise by 50,000 tonnes to 20.6 million, which would be the second highest on record, FAS said. Egypt's population currently stands at roughly 105 million, according to the Central Public Mobilization Agency, but that does not include nearly 9 million ...