Egypt May Change Wheat Buying Terms
World's largest wheat importer looking to boost strategic reserves
Egypt, the world’s largest wheat importer, is considering changes to the way it buys the grain ahead of an anticipated purchase to boost strategic reserves, aiming to reduce trade risks arising from any possible export curbs by suppliers, reports Reuters.
Egypt’s President Abdel Fattah al-Sisi had encouraged authorities to boost the country’s reserves of strategic commodities last week amid rising global fears for food supplies due to the coronavirus pandemic.
Traders told Reuters the country’s state grain buyer, the General Authority for Supply Commodities (GASC), could ask suppliers to offer prices on a cost and freight (C&F) basis instead of free-on-board (FOB).