Egypt: 7 thousand pounds increase in the price of a ton of local beans during August
Grains, Cereal & Legumes
Dried Common Bean
Published Aug 28, 2023
The price of local beans in the wholesale market increased by 7,000 pounds per ton during August, reaching 37,000 pounds per ton. This rise is due to the decline in Egypt's production of beans this year, global price increase, and the rising value of the dollar in the parallel market. Egypt imports 85% of its bean consumption while producing only 15% domestically.
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I wrote – Dina Khaled: Local bean prices witnessed an increase in the market by about 7 thousand pounds per ton, in the wholesale market during the month of August, according to what Aziz Ezzat, a member of the Grain Division of the Cairo Chamber of Commerce, told Masrawy. Ezzat added that the prices of fava beans have risen to about 37,000 pounds per ton now, compared to 30,000 pounds per ton at the beginning of this month. He explained that the prices of beans jumped by about two thousand pounds per ton at once yesterday, among this increase. Ezzat attributed this increase to the lack of supply of local beans as a result of the decline in Egypt's production of beans this year, and the rise in global beans prices, in addition to the increase in the price of the dollar in the parallel market, where it recorded about 41 pounds, compared to 39 pounds two days ago. He added that the price of a kilo of imported beans hit about 24,000 pounds per ...