Ahmad 
The General Authority for Supply Commodities in Egypt announced the completion of a deal to purchase 770,000 tons of wheat, most of it Russian wheat, in the largest single purchase since 2022.
The Authority, which is the government buyer of grains in Egypt, explained that the deal included 720,000 tons of Russian wheat and 50,000 tons of Bulgarian wheat.
The Russian wheat price was the lowest in practice and traders believe that Russia’s unofficial minimum export price has not been implemented.
The minimum price for Russian wheat has been implemented since last year with the aim of slowing wheat exports and calming domestic flour and bread prices in Russia, and the current purchase is considered the authority’s largest since June 2022, according to Reuters data.
Two sources told Reuters that Hussam Al-Jarrahi, Vice President of the Authority, met last month with Russian officials to discuss reconsidering the minimum price, which would allow for more flexible price negotiations.
Egypt, which is often the world’s largest wheat importer, relies heavily on competitive Russian wheat imports.
Over the past two years, the country has suffered from a shortage of foreign currencies, but it has recently received funding from the International Monetary Fund, the UAE and other entities since late February.
In the past two months, the Authority has tended to buy wheat from cheaper origins, reflecting the impact of the Russian decision to end the minimum price, which traders considered a welcome step during the financial crisis facing Egypt.
The World Bank allocates $700 million to support the Egyptian economy