On May 28, Egypt, the world’s biggest importer of wheat, bought 180,000 metric tons from Russia for $178.50 per ton, about $13 less than the U.S. price. The deal is one of many signs that Russia is challenging America’s supremacy in the global wheat market.
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.
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.
Egypt, the world’s biggest wheat importer, is likely to resume purchases of supplies from the U.S. in its next state grain tender, said Sadri Mathari, chief commercial officer with Venus International, the country’s largest private trader of the grain.