Tarek Hassanein, Chairman of the Board of Directors of the Chamber of Grain Industry in the Federation of Industries, said that the Egyptian Commodity Exchange, which was launched by the Ministry of Supply and Internal Trade under the leadership of Minister Dr. Until now.
Hassanein added that the Ministry of Supply is currently receiving wheat from farmers to enhance the strategic stock of wheat for the production of subsidized bread, through 420 receiving points at the level of the governorates of the Republic, varying between vertical and field silos, hangers, bakers, developed stores and mill silos, with the provision of the Ministry All facilities for farmers to ensure an increase in supply rates, as the Ministry has capacities and storage capacities, and includes all sites, silos, hangars and banks affiliated with the Ministry and the marketing agencies.
For his part, Abdul Ghaffar Al-Salamouni, Vice Chairman of the Board of Directors of the Chamber of Grain Industry in the Federation of Industries, said that the proactive measures taken by the government represented by the Ministry of Supply and Internal Trade led by Al-Moselhi and under the directives of the political leadership contributed to providing all food commodities and securing strategic stocks sufficient for long periods.
He pointed out that with the continuation of wheat trading and an increase in the quantities offered on the Egyptian Commodity Exchange platform, this will lead to a decrease in prices again, as the Egyptian Commodity Exchange contributed to reducing the prices of flour extracted by 72% during the past days, to 13.5 thousand and 14 thousand pounds per ton instead of 14.5 One thousand and 15 thousand pounds per ton, which positively affects the prices of products such as bread, dough, baked goods and sweets for the benefit of the consumer.
--Al-Salamouni added that the Ministry of Supply, represented by the General Authority for Supply Commodities, decided to increase the offering of wheat quantities traded on the commodity exchange from an estimated amount of 13 thousand tons to 15 thousand tons of wheat in each session, as wheat is traded in two sessions per week, “Sunday and Wednesday.” It is expected that the quantities of wheat traded on the commodity exchange will increase to 20,000 tons of wheat per session, after the Chamber of Grain Industry submitted a memorandum to the Minister of Supply, stating a decline in flour prices after trading wheat on the commodity exchange and demanding an increase in the quantities offered of wheat on the stock exchange, which will lead to a decrease in flour prices. On the market again, the prices of bran rose fell by 2,000 pounds per ton.
He pointed out that despite the difficult global conditions as a result of the Russian-Ukrainian war, which led to negative effects on the supply chains of main commodities, especially wheat, corn, fodder and oils, which led to an increase in the prices of basic commodities, in addition to an increase in the price of the dollar against the Egyptian pound, which led to a direct impact on food commodities. Over the past period, the Egyptian state has succeeded, under the directives of President Abdel Fattah El-Sisi, to cross the country to safety in providing all food commodities.
He pointed out that Al-Moselhi directed the directors of directorates in all governorates at the level of the Republic to facilitate the procedures for supplying local wheat from farmers and disbursing dues to suppliers in a timely manner within a maximum of 48 hours. All sites to achieve the largest target of wheat supply for the 2023 wheat season.
