Egypt buys nearly half a million tons of Russian wheat in private deal

Reuters exclusively reported that Egypt’s state grains buyer bought about a half a million metric tons of Russian wheat in a private deal, succeeding in negotiating lower prices than those offered in the more traditional tenders. One of the world’s biggest importers of wheat, Egypt last year started shifting towards direct purchases instead of tenders after the war in Ukraine disrupted its buying.

Market Impact

Traders have told Reuters the price could possibly be below an unofficial floor set by Russia’s government to control domestic wheat prices.
Source: Reuters