Middle East & Africa Stay updated with Business News, Pakistan news, Current world news and latest world news with Business Recorder.. http://www.brecorder.com/markets/commodities/middle-east-a-africa.html Mon, 22 Dec 2014 17:02:15 +0000 SRA Framework 2.0 en-gb Egypt's sufficient wheat supply sufficient to last until late April http://www.brecorder.com/markets/commodities/middle-east-a-africa/212465-egypts-sufficient-wheat-supply-sufficient-to-last-until-late-april.html http://www.brecorder.com/markets/commodities/middle-east-a-africa/212465-egypts-sufficient-wheat-supply-sufficient-to-last-until-late-april.html imageCAIRO: Egypt has sufficient wheat supply to last until late April, just after the government will begin buying wheat from the local harvest, the supplies minister said in a statement on Sunday.

Khaled Hanafi said the government would start procuring wheat from local farmers in mid-April. He said the state would pay farmers 420 Egyptian pounds ($59) per ardeb, the equivalent of around 150 kg. That is the same price it paid last year.

The local price exceeds the price Egypt pays in the international market by more than $100 per tonne.

The minister frequently issues statements about the level of strategic reserves, and these statements do not have a bearing on the world's top wheat importer's purchases from international markets.

Indeed, Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), said on Saturday it had bought 300,000 tonnes of wheat from France and Russia in a tender due for shipment on Jan. 21-31.

Nonetheless, the government's policy aims to encourage farmers to grow more to reduce the reliance on foreign suppliers.

Hanafi said the government hopes to procure 3.6 to 3.7 million tonnes of local wheat in the harvest season that runs from April to June.

That target is down from the 2014 aim of procuring 4 million tonnes, and more in line with the 3.7 million tonnes the government bought from this year's local harvest.

The government signed a deal with an American company this month to overhaul its local wheat storage system to cut rampant waste of the crop that occurs due to poor storage of the freshly harvested grain.

Officials and the company say they intend for the project to be completed by the start of next year's harvest.

Copyright Reuters, 2014

]]>
imad_kueconomist@yahoo.com (Imaduddin) Middle East & Africa Sun, 21 Dec 2014 12:16:33 +0000
Tanzania's top grade arabica coffee prices ease despite tight supply http://www.brecorder.com/markets/commodities/middle-east-a-africa/211845-tanzanias-top-grade-arabica-coffee-prices-ease-despite-tight-supply.html http://www.brecorder.com/markets/commodities/middle-east-a-africa/211845-tanzanias-top-grade-arabica-coffee-prices-ease-despite-tight-supply.html imageDAR ES SALAAM: The average prices of Tanzania's top grade arabica coffee fell at auction despite tight supply, taking a cue from lower prices at the New York market, the regulator Tanzania Coffee Board (TCB) said on Thursday.

The east African nation, which ranks behind Ethiopia, Uganda and Ivory Coast in output, produces mainly arabica and a bit of robusta coffee. Prices of its arabica normally track the New York market while those of robusta take their cue from London.

The average price for top grade arabica coffee was $189.84 per bag at the auction held last week, down from $191 previously, the TCB said in an auction report.

"Overall average prices at the Moshi exchange were down by $2.2 per 50 kg for mild arabica compared to the last auction," state-run TCB said.

Copyright Reuters, 2014

]]>
s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Middle East & Africa Thu, 18 Dec 2014 07:03:17 +0000
Nicaragua coffee exports fall 6.4pc in November http://www.brecorder.com/markets/commodities/middle-east-a-africa/211797-nicaragua-coffee-exports-fall-64pc-in-november.html http://www.brecorder.com/markets/commodities/middle-east-a-africa/211797-nicaragua-coffee-exports-fall-64pc-in-november.html imageMANAGUA: Coffee exports from Nicaragua dipped 6.4 percent in November compared to the same month last year to total 31,668 60-kg bags, the national export center Cetrex said on Wednesday.

Shipments during the first two months of the current 2014-15 harvesting season totaled 130,464 bags, a rise of 77.3 percent compared to the same two-month period during the previous 2013-14 season.

The coffee season in Central America and Mexico, which together produce about a fifth of the world's arabica beans, runs from October through September.

Copyright Reuters, 2014

]]>
s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Middle East & Africa Thu, 18 Dec 2014 05:18:16 +0000
Jordan tenders to buy 100,000 tonnes hard wheat http://www.brecorder.com/markets/commodities/middle-east-a-africa/209482-jordan-tenders-to-buy-100000-tonnes-hard-wheat.html http://www.brecorder.com/markets/commodities/middle-east-a-africa/209482-jordan-tenders-to-buy-100000-tonnes-hard-wheat.html imageHAMBURG: Jordan's state grain buyer has issued an international tender to purchase 100,000 tonnes of hard milling wheat which can be sourced from optional origins, European traders said on Monday.

The tender closes on Dec. 10, they said. The wheat was sought in a range of shipment combinations in 50,000 tonne consignments between June 1 and July 31 2015, traders said.

The wheat should be sourced from the 2014 or 2015 crop years, they said.

In its last reported tender on Nov. 19, Jordan purchased 100,000 tonnes of optional-origin hard wheat after seeking offers for the same volume.

Copyright Reuters, 2014

]]>
parvezjabri@yahoo.com (Parvez Jabri) Middle East & Africa Mon, 08 Dec 2014 08:52:42 +0000
Ivorian cocoa arrivals seen at 474,000 T by November 30 http://www.brecorder.com/markets/commodities/middle-east-a-africa/207958-ivorian-cocoa-arrivals-seen-at-474000-t-by-november-30.html http://www.brecorder.com/markets/commodities/middle-east-a-africa/207958-ivorian-cocoa-arrivals-seen-at-474000-t-by-november-30.html imageABIDJAN: Cocoa arrivals at ports in top grower Ivory Coast reached around 474,000 tonnes by Nov. 30 since the start of the season on Oct. 1, exporters estimated on Monday, down from 522,000 tonnes in the same period of the previous season.

Exporters estimated around 66,000 tonnes of beans were delivered to the West African state's two ports of Abidjan and San Pedro between Nov. 24 and Nov. 30, down from 102,000 tonnes last year.

Copyright Reuters, 2014

]]>
imad_kueconomist@yahoo.com (Imaduddin) Middle East & Africa Mon, 01 Dec 2014 12:47:38 +0000
Uganda coffee exports rise 9pc http://www.brecorder.com/markets/commodities/middle-east-a-africa/206946-uganda-coffee-exports-rise-9pc.html http://www.brecorder.com/markets/commodities/middle-east-a-africa/206946-uganda-coffee-exports-rise-9pc.html imageKAMPALA: Uganda coffee exports for October rose by 9 percent to 229,438 60-kg bags of coffee compared with the same month a year ago, an industry body said on Wednesday, reversing a pattern of lower exports this year.

Shipments in October fetched $30.7 million compared with $22.7 million earned in the same month a year ago, the Uganda Coffee Development Authority source said.

David Muwonge, head of marketing and production at the National Union of Coffee Agribusinesses and Farm Enterprises, said there was "a good mix of rains and dry conditions which are helpful especially in the maturing stages of the crop."

Copyright Reuters, 2014

]]>
parvezjabri@yahoo.com (Parvez Jabri) Middle East & Africa Wed, 26 Nov 2014 07:59:04 +0000
Saudi Arabia buys 345,000 tonnes of hard wheat http://www.brecorder.com/markets/commodities/middle-east-a-africa/206506-saudi-arabia-buys-345000-tonnes-of-hard-wheat.html http://www.brecorder.com/markets/commodities/middle-east-a-africa/206506-saudi-arabia-buys-345000-tonnes-of-hard-wheat.html

imageDUBAI: Saudi Arabia bought 345,000 tonnes of hard wheat (12.5 percent protein minimum) for delivery between February-March 2015, its Grain Silos and Flour Mills Organisation (GSFMO) said on Monday.

The shipment will be sent to the kingdom's ports in Jeddah and Dammam.

Copyright Reuters, 2014

]]>
parvezjabri@yahoo.com (Parvez Jabri) Middle East & Africa Mon, 24 Nov 2014 06:20:52 +0000
South Africa's Gold Fields Q3 dips on lower South Deep output http://www.brecorder.com/markets/commodities/middle-east-a-africa/205904-south-africas-gold-fields-q3-dips-on-lower-south-deep-output.html http://www.brecorder.com/markets/commodities/middle-east-a-africa/205904-south-africas-gold-fields-q3-dips-on-lower-south-deep-output.html imageJOHANNESBURG: South African bullion producer Gold Fields posted a 6 percent drop in third-quarter earnings on Thursday after its flagship South Deep mine saw an 18 percent decline in production as upgrades continued.

Adjusted headline earnings per share in the three months to end-September totalled 23.1 cents per share from 24.6 cents in the previous quarter.

Copyright Reuters, 2014

]]>
parvezjabri@yahoo.com (Parvez Jabri) Middle East & Africa Thu, 20 Nov 2014 06:24:37 +0000
Saudi Arabia tenders to buy 330,000 tonnes hard wheat http://www.brecorder.com/markets/commodities/middle-east-a-africa/205903-saudi-arabia-tenders-to-buy-330000-tonnes-hard-wheat.html http://www.brecorder.com/markets/commodities/middle-east-a-africa/205903-saudi-arabia-tenders-to-buy-330000-tonnes-hard-wheat.html imageHAMBURG: Saudi Arabia's state grains authority GSFMO said on Thursday it has issued an international tender to purchase 330,000 tonnes of hard wheat.

Tender deadline is Friday, Nov. 21, Waleed el Khereiji, Director General of GSFMO said.

Copyright Reuters, 2014

]]>
parvezjabri@yahoo.com (Parvez Jabri) Middle East & Africa Thu, 20 Nov 2014 06:23:26 +0000
Iraq tenders to buy a minimum 10,000 tonnes sunflower oil http://www.brecorder.com/markets/commodities/middle-east-a-africa/205763-iraq-tenders-to-buy-a-minimum-10000-tonnes-sunflower-oil.html http://www.brecorder.com/markets/commodities/middle-east-a-africa/205763-iraq-tenders-to-buy-a-minimum-10000-tonnes-sunflower-oil.html imageHAMBURG: Iraq's trade ministry has issued an international tender to purchase at least 10,000 tonnes of sunflower oil which can be sourced from any origin worldwide apart from China, European traders said on Wednesday.

Tender deadline is Nov. 25 and offers must remain valid until Nov. 30, traders said.

Copyright Reuters, 2014

]]>
parvezjabri@yahoo.com (Parvez Jabri) Middle East & Africa Wed, 19 Nov 2014 10:23:21 +0000