Egypt, the world’s largest wheat importer, is poised to increase buying from Russia and the U.S. as it relies more on deals with governments than private trade amid deteriorating finances, according to CHS Inc., which markets 2 billion bushels of grains and oilseeds a year.
Egypt’s central bank sold a record $600 million to local lenders today to finance imports of basic commodities such as wheat after the cash-strapped government secured a $3 billion support pledge from Qatar.
For most of the past three months, Hamdi Othman’s days have begun like this: He gets up at dawn, lines up for hours for diesel, argues with fellow drivers and watches the occasional fight that breaks out.
Egypt, the world’s largest wheat buyer, will consider resuming imports of the grain from Kazakhstan, the state-run Middle East News Agency reported, citing Reda Aggag, an advisor to Supply Minister Bassem Oda.
Egypt’s ouster of Nomani Nomani as buyer of more than 5 million metric tons of wheat a year on world markets put a spotlight on a role that brought stability to the task of feeding the nation’s 80 million people.
Saudi Arabia increased spending on transportation to a record this year as the Arab world’s biggest economy seeks to catch up with the United Arab Emirates and Qatar in the race for pre-eminence as a trading center.