The Egyptian Minister of Supply, Ali Al-Moselhi, stated that Egypt’s wheat stockpile is sufficient for seven months, the first time it has reached that level.
According to the minister, the sugar stock is enough for 7.8 months of domestic consumption, while the oil stock is enough for six months.
“The stock of pasta is sufficient for a period of 8.4 months,” the minister said, adding that “50,000 tons of white rice have been imported, as shipments are received successively, and the ministry is working to ensure that rice is provided for citizens throughout the year.”
Concerning the ongoing preparations for Eid Al-Adha, Al-Moselhi referred to the ministry’s plan and the volume of meat contracts, noting that “live meat suffices the need for local consumption for 14.7 months, frozen meat suffices for 6.5 months, and poultry suffices for 7.4 months.”
At the end of last week, Egypt took advantage of the recent price drop by agreeing to buy the most wheat in at least a decade in a tender considered the largest in its history.
According to Bloomberg data, Egypt’s General Authority for Supply Commodities (GASC) purchased 815,000 tons on June 29, the largest single purchase since at least 2012.