The Egyptian government is considering alternative wheat sources due to Russia's war against Ukraine.
Egypt’s General Authority for Supply Commodities said yesterday that they made bids to buy wheat from a variety of global suppliers to be delivered in April. These include wheat from the United States, Canada, Paraguay, Australia and various European countries, according to the authority’s website.
Egypt is the largest wheat importer in the world and imports more than 80% of its wheat from Russia, Prime Minister Mostafa Madbouly said today, following a cabinet meeting to discuss the wheat situation. Egypt has wheat reserves that can last four months, the state-owned Al-Ahram reported today.
Russia attacked various parts of Ukraine by air and land today, following months of a military buildup and failed efforts by Western diplomats to calm the situation.
Wheat prices soared to more than $300 a ton in the US today amid the war.
Other commodities have been affected as well. Oil prices broke $100 today for the first time since 2014.