International Business: Egypt contract to buy Indian wheat stands says minister – Gulf Digital News

International Business: Egypt contract to buy Indian wheat stands says minister – Gulf Digital News

CAIRO: Egypt’s supply minister said yesterday that an agreement to buy wheat from India still stood despite recent curbs on Indian exports, although it is unclear when the grain will be shipped.

Egypt, one of the world’s biggest wheat importers, has sought to diversify its suppliers since facing higher global prices and disruptions to purchases from the Black Sea after Russia’s invasion of Ukraine in February.

Supply Minister Aly Moselhy said in June that Egypt had contracted to buy 180,000 tonnes of wheat from India, after initially agreeing to purchase 500,000 tonnes.

“We have an agreement on quantity and price – 180,000 tonnes of wheat, and the price was $400 per tonne,” Moselhy told reporters yesterday, disclosing the price for the first time. The wheat had not yet left India, he added, however.

Output

India, the world’s second-biggest wheat producer, banned private overseas sales of the grain on May 14, but made allowances for countries like Egypt with food security needs.

A scorching heatwave has curtailed India’s output this year.

“You know about the strong heatwave that happened in India and that affected next year’s harvest, so it’s natural that they would want to keep their own supply. It’s their right,” said Moselhy. “But to be honest