Egypt is preparing for the first trading of wheat on the stock exchange on Sunday, its reserves of the commodity are sufficient to consume more than five months

Ibrahim Ashmawy, Deputy Minister of Supply and Internal Trade, told Reuters on Saturday that Egypt’s reserves of wheat are sufficient for more than five months’ consumption, while its sugar reserves are sufficient for only four months.
Ashmawy pointed out that Egypt’s reserves of vegetable oils are sufficient for about five months, while rice reserves are sufficient for four months. He added that Egypt, one of the largest importers of wheat in the world, has completed the registration of 40 mills on the Egyptian Commodity Exchange, in preparation for the first trading of wheat on Sunday.

A statement by the Ministry of Supply said last Tuesday: that the General Authority for Supply Commodities, the official buyer of grain in Egypt, will offer quantities for sale from its wheat stock to the mills through the Commodity Exchange platform, at a rate of offering twice a week, starting from Sunday, November 27, to represent the actual launch date of the stock exchange. Egyptian Commodities.
Ashmawi said that the quantities and specifications that will be traded will be announced less than an hour before trading, that is, at the last moment before trading, because it will be in the form of an auction. He added that other strategic commodities such as oil, sugar and rice will be traded, respectively.