CAIRO, EGYPT — Egypt’s General Authority for Supply Commodities (GASC) is prepared to sell wheat to mills from its strategic reserves through the new commodities exchange, Reuters reported.
GASC will make offers on the exchange twice a week from Nov. 27, marking the official launch of the exchange.
In September, international wheat suppliers were required to register with the Egyptian Mercantile Exchange.
Last month, private sector importers and mills were struggling to pay for hundreds of thousands of tonnes of wheat that was stuck at ports because of a dollar shortage and an increase in bread and flour prices.
The supply ministry said that it would allow mills producing 72% extraction wheat flour to buy wheat from the state grains buyer.