Egyptian Wheat Prices Soar 21% Amid Supply Logistical Challenges

Egypt's wheat prices have surged by 21% over the past week, surpassing $300/ton. The sudden increase in costs is attributed to changing supply logistics and higher expenses for grain shipped from alternative origins.

The price hike comes as Egypt recently purchased 12.5% protein wheat shipped from Baltic ports at an average cost of around $310/ton CIF (cost, insurance, and freight) to Egypt. Large lots of Russian 12.5% protein wheat from the same region are being offered at prices ranging from $315-317/ton CIF Egypt.

Buyers are reportedly indicating levels of around $313-314/ton CIF, leaving a narrow gap between sellers and buyers at approximately $2-4/ton. This current price level is significantly higher than the costs available to Egyptian importers just a week ago.