Bumper Egypt Wheat Deal Shows How Price Slump Is Rekindling Demand
- Egypt made its largest wheat-tender purchase in two years
- It’s another sign of low crop prices supporting demand
Wheat grain falls from cut sacks on a delivery truck in Fayoum, Egypt.
Photographer: Islam Safwat/BloombergThis article is for subscribers only.
Major wheat importer Egypt made its biggest purchase in two years, in another sign that slumping grain prices are boosting demand.
The country’s state buyer booked 770,000 tons in a tender on Tuesday, the largest such deal since June 2022, according to data compiled by Bloomberg. Most supplies will come from Russia, the first time the world’s top exporter has dominated sales to Egypt in a tender for the new season.