Egypt reportedly negotiating deal to import Russian wheat

Egypt reportedly negotiating deal to import Russian wheat

Cairo is negotiating the purchase of 1 million tons of wheat, the outlet said.

Egypt is negotiating a government-to-govet deal to import Russian wheat, Bloomberg reported this week, citing sources familiar with the matter.

The North African nation reportedly wants to buy 1 million tons of Russian wheat with delivery scheduled for this season, the outlet said, noting that it was not clear how close the two countries were to finalizing a deal.

Egypt, which is not a traditional buyer of grain through tenders, has bought about 50,000 tons of wheat from Russia in a private deal.

In July, Nomani Nasr Nomani, an adviser to Egypt's minister of supply, confirmed that his country wanted to increase wheat supply by diversifying its import sources to balance local production.

Egypt is a top wheat importer globally, and its investments are closely monitored as a global benchmark. Egypt's imports of Russian wheat rose by 11.8% in July and August, compared to the same period last year, according to data published by the Union of Grain Exporters.

The first assistant to the country's Minister of Supply, Ibrahim Ashmawy, told Russian news agency RIA Novosti that Russia currently accounts for 80% of Egypt's wheat imports.

Two bumper harvests in a row have boosted Russia's position as the world's top wheat exporter. The current agricultural year is set to supply 22.5% of global exports, compared to 15.9 last year.