Wheat stocks in Egypt are projected at a 20-year low
Market & Price Trends
Published Nov 24, 2023
Egypt's wheat ending stocks in 2023/24 are expected to reach the lowest level in 20 years due to a smaller harvest, higher demand, and changing trade flows. The decline in wheat production is attributed to a reduction in harvested areas, prompting the government to increase the purchase price of wheat in an attempt to boost local production. With an expected increase in wheat consumption and a growing population, Egypt is forecasted to import 7% more wheat in the next marketing year.
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Egypt’s wheat ending stocks in 2023/24 MY are forecast to fall to the lowest level in 20 years as the country faces smaller harvest, higher demand and changing trade flows, according to the report of the Global Agricultural Information Network of the U.S. Department of Agriculture (USDA). The decline in wheat production year-on-year is due to the reduction of harvested areas to 1.35 mln ha compared to 1.45 mln ha in 2022/23, USDA reported. The agency noted that in an attempt to increase local wheat production and sell its wheat to state suppliers, the Egyptian government in April last year increased the purchase price of wheat by almost 70% compared to the previous marketing year. It is expected that the consumption of wheat in Egypt will increase in 2023/24 by 50 thsd tonnes to 20.6 mln tonnes, which will be the second highest in the history of observations. According to the Central Agency for Public Mobilization, Egypt’s population is currently approximately 105 million people, ...