Egypt's wheat stocks forecast at 20-year low

Market & Price Trends
Published Nov 23, 2023

Tridge summary

Egypt is expected to have its lowest wheat ending stocks in 20 years due to smaller harvests, higher demand, and changes in trade flows, according to a report from the USDA. The decline in wheat production is attributed to a reduction in harvested area. Egypt's population growth and increased wheat consumption are further straining supplies, leading to a forecasted 7% increase in wheat imports to 12 million tonnes in the 2023-24 marketing year, with Russia and the European Union being the largest exporters.
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Original content

Egypt's wheat ending stocks for the 2023/24 marketing year are projected to fall to their lowest levels in 20 years as the country faces smaller harvests, higher demand and shifting trade flows, according to a report from the USDA's Global Agricultural Information Network. (USDA). The year-over-year decline in wheat production was due to a reduction in harvested area to 1.35 million hectares, down from 1.45 million hectares in 2022/23, USDA said. The department noted that in an attempt to increase local wheat production and sell its wheat to government suppliers, the Egyptian government in April last year increased wheat purchase prices by almost 70% compared to the previous marketing year. Egypt's wheat consumption is expected to rise by 50,000 tonnes to 20.6 million in 2023/24, the second highest on record. Egypt's population currently stands at approximately 105 million, according to the Central Agency for Public Mobilization, but that does not include an estimated 9 million ...
Source: Agronovosti
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