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Egypt Scoops Up Wheat Supplies with Supersized Tender

  • Purchase of 815,000 tons is largest in at least a decade
  • Grain futures have declined recently amid recession concerns
Updated on

Egypt booked the most wheat in a tender in at least a decade, taking advantage of a recent price slump to bolster stockpiles as Russia’s invasion of Ukraine hampers global supplies.

The country’s state-run buyer bought 815,000 tons on Wednesday, the largest single purchase since at least 2012, data compiled by Bloomberg show. Other nations like Saudi Arabia and Algeria have also snapped up wheat in recent days.