Egypt has bought a new shipment of Russian wheat, relying on imports to fill its domestic needs and trying to navigate the changes brought about by the war in Ukraine. Egypt, one of the world’s biggest importers of wheat, will reportedly pay about $270 a tonne, which could possibly be below an unofficial floor set by Russia’s government to control domestic wheat prices. Reuters reported that GASC had privately bought one cargo of Bulgarian wheat at $270 per tonne on Friday as well, and the state company has recently been tempted by Romanian and French wheat that is cheaper than Russian wheat. Egypt has shifted towards direct purchases, instead of tenders, since the Russian invasion of Ukraine last year disrupted global wheat markets. Many of the country’s recent wheat purchases have reportedly been made with loans from the International Islamic Trade Finance Corporation and the World Bank.
