Egypt has less than 2 months imported wheat left

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Egypt has less than 2 months imported wheat left

Post by DJKeefy »

Egypt has less than 2 months imported wheat left: Ex-minister.

Egypt has less than two months' supply of imported wheat left in its stocks, ousted President Mohamed Morsi's minister of supplies said, signalling that a shortage is more acute than previously revealed.

Speaking to Reuters near midnight in a tent at a vigil where thousands of Mursi's supporters are protesting against the Islamist president's removal, former Minister of Supplies Bassem Ouda said the state had just 500,000 tonnes of imported wheat left.

Egypt is the world's largest importer of wheat, half of which it distributes to its 84 million people in the form of heavily subsidised bread. The ousted government closely guarded figures about its foreign grain stores even as a shortage of cash halted its imports.

Two and a half years of political turmoil have caused a deep economic crisis in Egypt, scaring away investors and tourists, draining foreign currency reserves and making it difficult to maintain imports of food and fuel.

After buying 3.7 million tonnes from a domestic harvest that is now finishing, Egypt has 3 million tonnes of home-grown wheat left in its stores, Ouda said.

Egypt normally mixes its lower-gluten domestic wheat with equal parts foreign wheat in order to produce flour suitable to make bread. Ouda said Morsi's government had tried to increase the ratio of domestic wheat it used to 60 percent.

In a typical year Egypt imports about 10 million tonnes of wheat. Egypt had not imported any wheat since February - its longest absence from the market in years - until the eve of Morsi's overthrow when it bought 180,000 tonnes for shipment in August.

The government said on June 26 it had 3.613 million tonnes of total wheat but did not reveal how much of that was imported.

Since Morsi was toppled last week, the United Arab Emirates, Saudi Arabia and Kuwait have promised $12 billion in cash, loans and fuel, which economists say buys Cairo several months of breathing room to fix its finances.

Source: http://english.ahram.org.eg/News/76232.aspx


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Re: Egypt has less than 2 months imported wheat left

Post by LovelyLadyLux »

What was the regular back up of wheat? Six months?
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Re: Egypt has less than 2 months imported wheat left

Post by LovelyLadyLux »

What was the regular back up of wheat? Six months?
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Re: Egypt has less than 2 months imported wheat left

Post by Hafiz »

The international price for wheat is on the increase - currently $US300 a ton and headed for $340. Even Australian stocks, largest exporter in the world, are at levels which are causing negative public comment from the point of view of domestic stocks.

Bet that Egyptian buying has been restricted by increasing market price but also because local storage systems are almost as hopeless as the government purchasing authority. Poor local storage means that stocks are never very large. and you can't buy more than you can store

Public statements in the past have said that local storage was about 4 months. Because of this the hapless purchasing authority is forever making lots of small purchases on the market and not able to build up buffer stocks.

Another example of hopeless administration (over decades) which, in this case, is inexcusable as Egypt has been the largest grain importer in the world for decades. There are reports that Egypt's credit is so bad that grain shipping companies are not being paid or are looking for payment up front.

I thought that some of the billions 'given' to Egypt by its new best friends was specifically for food imports.
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Re: Egypt has less than 2 months imported wheat left

Post by Chocolate Eclair »

Better get the freezers stocked with bread then, a good barometer to do so, and early warning. We have started stocking our freezer up since loosing much of the food to power cuts, however the animals around us got well fed.. Tip - Milk will be the next thing, along with bottled water. For the many, I ask a double sided question, Is Stella made from any of the crops and items mentioned? if so maybe some might require stocking up on that or cutting down to 20 a day. :lol:
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Re: Egypt has less than 2 months imported wheat left

Post by Who2 »

Bread and beer have been a staple diet in this land for quite a few thousand years, try making your own, water is below your feet and a minimum of 500litres on your roof, milk available locally as are eggs and cheese.
Don't think freezer think solar.....:cool:
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Sophocles.
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Re: Egypt has less than 2 months imported wheat left

Post by Ruby Slippers »

Chocolate Eclair wrote:Better get the freezers stocked with bread then, a good barometer to do so, and early warning. We have started stocking our freezer up since loosing much of the food to power cuts, however the animals around us got well fed.. Tip - Milk will be the next thing, along with bottled water. For the many, I ask a double sided question, Is Stella made from any of the crops and items mentioned? if so maybe some might require stocking up on that or cutting down to 20 a day. :lol:

CE, how do you 'lose' food when the electric goes? Surely you must know many locals that would be glad of it! I'm also presuming that when bread and milk are in short supply, you will be only too happy to help out from your well stocked freezers? ;) Or don't you number philanthropy amongst your more sterling qualities?
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Re: Egypt has less than 2 months imported wheat left

Post by Who2 »

Quote: Or don't you number philanthropy amongst your more sterling qualities?
Obviously not, considering other threads about beggars and philanthropy, you were born from the War baby boomers.
Which = no wars, no unemployment, free travel, maggie thatcher and sold your 3 bed semi for fortunes, and you would probably be dead except for the NHS, so time to pay back for your gift of existence, it won't cost much and you will receive more than you will ever realise....:cool:
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