Egypt begins offering corn on commodities exchange

Egypt begins offering corn on commodities exchange

CAIRO – Egypt’s state grains purchaser began offering yellow corn on the nation’s newly-launched commodities exchange on Thursday, exchange head Ibrahim Ashmawy mentioned in an announcement on Saturday.

Egypt’s state purchaser, the Normal Authority for Provide Commodities (GASC), began issuing uncommon tenders for corn earlier this 12 months in an effort to deal with a feed disaster that damage small producers and even led some farmers to cull chicks.

Provide Minister Ali Moselhy had mentioned the corn could be supplied to native producers on the exchange.

Egypt, a significant purchaser of fundamental commodities, has been affected by a overseas forex crunch that despatched the pound tumbling by almost 50% towards the greenback, suppressed imports, and pushed official headline inflation to 31.9%, its highest for 5 and a half years.

GASC has equally supplied wheat to struggling mills by way of the exchange, promoting almost 570,000 tonnes because the launch of the exchange in November, the assertion added.

(Reporting by Sarah El Safty; Enhancing by Mark Potter)