Egypt procures 2.33M tons of local wheat since start of harvest

CAIRO - 21 May 2017: Egypt, the world's largest importer of wheat, has procured 2.33 tons of wheat from local farmers since its harvest began in mid-April, the supply ministry said in a statement on Sunday.

The ministry said it would provide a premium to farmers of L.E 15 ($0.83) per tone for wheat stored and transported in jute bags and 10 pounds per tone for wheat stored in silos located far from production areas with over 50 percent empty storage capacity.

Egypt consumes 9.5 million tons of wheat to make its subsidised bread - 4 million tons from the local harvest and 5.5 million tons from imported wheat.

The local harvest runs through July but the supply ministry has said it plans to continue making international purchases this year to boost the country's strategic reserves.

($1 = L.E 18.1000)