Egypt will set its local buying price for wheat in March, one month ahead of the harvest, the ministry of agriculture said on Monday.
The world’s biggest wheat importer did not specify whether it would retain a system where it ties the local buying price to world prices, or return to an system where it subsidises farmers at a set price above world prices.
Related: Turkmenistan uses seeds of high-yield wheat
Last year Egypt procured about 3.6 million tonnes of wheat under the new pricing scheme.
Related: Ukraine’s agri-food exports to EU increase to EUR 5.52 bln in 2017
The ministry said consumption of wheat used for its bread subsidy programme stands at about 9 million tonnes per year.
Source: UAC
