Middle East & AfricaStay 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.htmlFri, 31 Oct 2014 23:33:12 +0000SRA Framework 2.0en-gbPrice of top grade Kenyan coffee falls at latest salehttp://www.brecorder.com/markets/commodities/middle-east-a-africa/201224-price-of-top-grade-kenyan-coffee-falls-at-latest-sale.htmlhttp://www.brecorder.com/markets/commodities/middle-east-a-africa/201224-price-of-top-grade-kenyan-coffee-falls-at-latest-sale.htmlimageNAIROBI: The maximum price of Kenya's top grade AA coffee fell to $329 per 50 kg bag at this week's auction on Tuesday from $371 at last week's sale, the Nairobi Coffee Exchange said.

The east African nation is a fairly small producer by global standards, but its quality beans are used by roasters to blend with beans from other regions.

Grade AA coffee sold at $195-$329 per bag, compared with $180-$376 at last week's auction, the exchange said in a market report.

Grade AB coffee fetched $208-$260 per bag compared with $146-$279 last week.

The average price of all grades was $230.18, compared with $247.19 at the last sale.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin)Middle East & AfricaThu, 23 Oct 2014 08:01:28 +0000
Saudi August oil exports fall to lowest in three years http://www.brecorder.com/markets/commodities/middle-east-a-africa/200640-saudi-august-oil-exports-fall-to-lowest-in-three-years.htmlhttp://www.brecorder.com/markets/commodities/middle-east-a-africa/200640-saudi-august-oil-exports-fall-to-lowest-in-three-years.htmlimageDUBAI: Saudi crude exports fell in August for the fourth month in a row to their lowest levels in three years, while volumes used by local refineries rose to a record high, official data showed on Monday.

The world's top oil exporter and OPEC heavyweight exported 6.663 million barrels per day in August, down from 6.989 million bpd in July and 6.946 million bpd in June, according to data published by the Joint Organisations Data Initiative (JODI).

The August export figures were the lowest since March 2011, the data showed.

The kingdom's production dropped to 9.597 million bpd in August from 10.005 million in a month earlier, the data showed. But crude supplies - both domestically and for exports - were 9.688 million bpd in August, an industry source told Reuters, indicating no major change in the amount of crude supplied to the market from the kingdom.

Refiners processed 2.167 million bpd of crude in August up from 1.915 million bpd in July, and 2.055 million bpd in June, according to the JODI data. Crude volumes used by domestic refineries were the highest since at least January 2002, the start of JODI's records.

Meanwhile, Saudi oil use for power generation fell to 769,000 bpd in August from 899,000 bpd in July and 827,000 bpd in June.

The kingdom typically increases production during the hot summer months to meet a surge in electricity demand.

Oil markets closely monitor changes in Saudi production because it is the only country with spare capacity to significantly alter output according to demand.

Saudi Arabia's Oil Minister Ali al-Naimi often refers reporters to JODI, set up to promote transparency in oil markets, when asked how much the kingdom is pumping.

Copyright Reuters, 2014

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rocking.saad.jabri@gmail.com (Saad Jabri)Middle East & AfricaMon, 20 Oct 2014 08:29:59 +0000
Egypt government approves plan to allow export of rice http://www.brecorder.com/markets/commodities/middle-east-a-africa/200123-egypt-government-approves-plan-to-allow-export-of-rice.htmlhttp://www.brecorder.com/markets/commodities/middle-east-a-africa/200123-egypt-government-approves-plan-to-allow-export-of-rice.htmlimageCAIRO: Egypt's government has approved plans to allow the export of rice, the supplies minister said on Thursday, bringing a major medium-grain rice exporter back into the international market for the first time since 2013.

Traders would be allowed to export rice provided they sell the government one tonne of medium-grain rice at 2,000 Egyptian pounds($279.72) for every tonne of rice they export.

Exporters would also have to pay a tariff of $280 per tonne exported, the minister said.

Egypt first imposed a ban on exports in 2008 saying it needed to save the rice for local consumption and wanted to discourage rice farmers from growing the crop to save water.

However, rice exporters have complained that the ban on free exports has led to the rise of a contraband trade by creating a large price difference between domestic and export markets.

Copyright Reuters, 2014

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rocking.saad.jabri@gmail.com (Saad Jabri)Middle East & AfricaThu, 16 Oct 2014 09:43:47 +0000
Uganda coffee exports fall 7pc yr/yr in September http://www.brecorder.com/markets/commodities/middle-east-a-africa/200120-uganda-coffee-exports-fall-7pc-yryr-in-september.htmlhttp://www.brecorder.com/markets/commodities/middle-east-a-africa/200120-uganda-coffee-exports-fall-7pc-yryr-in-september.htmlimageKAMPALA: Uganda coffee exports for September fell by 7 percent to 207, 927 60-kg bags of coffee compared with the same month a year ago, an industry source said on Thursday, extending a pattern of lower exports this year.

Industry experts in Uganda, Africa's number one exporter of coffee which mostly cultivates the robusta variety, said the coffee yield is usually poorer in some parts of the country at this time of the year.

"We're at the tail end of the harvest in the south and south western (coffee) growing areas typically we tend to get small yields," said a source at the Uganda Coffee Development Authority.

Copyright Reuters, 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui)Middle East & AfricaThu, 16 Oct 2014 09:30:41 +0000
Egypt to stop wheat imports until Marchhttp://www.brecorder.com/markets/commodities/middle-east-a-africa/199300-egypt-to-stop-wheat-imports-until-march.htmlhttp://www.brecorder.com/markets/commodities/middle-east-a-africa/199300-egypt-to-stop-wheat-imports-until-march.htmlimageCAIRO: Egypt, the world's biggest wheat importer, will stop purchasing wheat until March 2015, the supplies minister said on Saturday.

"After the recent purchase of 175,000 tonnes of French and Russian wheat to produce subsidized bread, the strategic reserve of wheat is enough to last until the first week of next March," Supplies Minister Khaled Hanafi said in a statement.

The recent purchase consisted of 120,000 tonnes of French wheat and 55,000 tonnes of Russian wheat at an average price of $245.25 per ton, the supplies ministry said.

It was the tenth purchase of the current fiscal year and is expected to be delivered from Nov. 11 to 20, the supplies ministry said.

Egypt purchased 5.46 million tonnes of wheat from abroad in the 2013-2014 fiscal year in addition to 3.7 million tonnes of local wheat.

Hanafi said last week Egypt aimed to cut its state imports of wheat in the next year to between 4 million and 4.5 million tonnes provided reforms to the country's bread subsidy programme continue to reduce consumption and waste.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin)Middle East & AfricaSat, 11 Oct 2014 10:12:08 +0000
Ivorian cocoa arrivals seen at 1,719,000 tonnes by Sept 21http://www.brecorder.com/markets/commodities/middle-east-a-africa/196626-ivorian-cocoa-arrivals-seen-at-1719000-tonnes-by-sept-21.htmlhttp://www.brecorder.com/markets/commodities/middle-east-a-africa/196626-ivorian-cocoa-arrivals-seen-at-1719000-tonnes-by-sept-21.html

imageABIDJAN: Cocoa arrivals at ports in top grower Ivory Coast reached around 1,719,000 tonnes by Sept. 21 since the start of the season on Oct. 2, exporters estimated on Monday, up from 1,462,000 tonnes in the same period of the previous season.

Exporters estimated around 9,000 tonnes of beans were delivered to the West African state's two ports of Abidjan and San Pedro between Sept. 15 and 21, down from 20,000 tonnes during the same period last year.

Copyright Reuters, 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui)Middle East & AfricaMon, 22 Sep 2014 12:05:36 +0000
Iraq issues new tender to buy minimum 30,000 T ricehttp://www.brecorder.com/markets/commodities/middle-east-a-africa/196548-iraq-issues-new-tender-to-buy-minimum-30000-t-rice.htmlhttp://www.brecorder.com/markets/commodities/middle-east-a-africa/196548-iraq-issues-new-tender-to-buy-minimum-30000-t-rice.htmlimageHAMBURG: Iraq's state grains buyer has issued an international tender to buy at least 30,000 tonnes of rice, European traders said on Monday.

The closing date for the tender is Monday, Sept. 22, and offers must be valid until Friday, Sept. 26.

The rice can be sourced from the United States, Uruguay, Argentina, Brazil, Vietnam and Thailand. Thai white rice will be accepted, traders said.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin)Middle East & AfricaMon, 22 Sep 2014 07:53:46 +0000
Uganda coffee exports seen rising 3pc in 2014/15 seasonhttp://www.brecorder.com/markets/commodities/middle-east-a-africa/195087-uganda-coffee-exports-seen-rising-3pc-in-201415-season.htmlhttp://www.brecorder.com/markets/commodities/middle-east-a-africa/195087-uganda-coffee-exports-seen-rising-3pc-in-201415-season.htmlimageKAMPALA: Uganda's coffee exports are likely to rise by 3 percent to 3.6 million 60-kg bags of the beans in the 2014/15 (Oct-Sep) crop year largely due to good weather and attractive prices.

Uganda, Africa's number one exporter of coffee and which predominately cultivates the robusta variety, expects 2013/14 exports to hit a forecast for the season of 3.5 million bags.

By the end of July, Uganda had shipped 3 million bags since the beginning of the season.

David Muwonge, head of marketing and production at the National Union of Coffee Agribusinesses and Farm Enterprises (NUCAFE), said on Monday that there was a marginal risk of a harsh dry spell between January and March that could affect the crop, but did not expect this to affect the overall output.

"I am expecting the above-normal rains we're getting now should really yield a strong harvest. That should enable us to hit 3.6 million bags," he told Reuters.

A July sector performance report by the state-run Uganda Coffee Development Authority (UCDA) said eastern Uganda was experiencing heavy rainfall in all coffee-growing districts.

The report said the rains were supporting good bean formation and development.

Coffee farms in eastern and central Uganda, which jointly account for 55 percent of Uganda's annual coffee production, are expected to harvest the commodity later this year.

At the current average of 3,500 to 4,500 per kg of dry bean cherries, Muwonge said the farmgate prices were attractive enough to spur farmers to release stocks onto the market.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin)Middle East & AfricaMon, 15 Sep 2014 12:39:12 +0000
Uganda coffee exports seen rising in 2014/15 season http://www.brecorder.com/markets/commodities/middle-east-a-africa/195054-uganda-coffee-exports-seen-rising-in-201415-season.htmlhttp://www.brecorder.com/markets/commodities/middle-east-a-africa/195054-uganda-coffee-exports-seen-rising-in-201415-season.htmlimageKAMPALA: Uganda's coffee exports are likely to rise by 3 percent to 3.6 million 60-kg bags of the beans in the 2014/15 (Oct-Sep) crop year, an industry official said on Monday.

The coffee exports will rise on the back of favourable rains and good farmgate prices, David Muwonge, head of marketing and production at the National Union of Coffee Agribusinesses and Farm Enterprises (NUCAFE), told Reuters.

Copyright Reuters, 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui)Middle East & AfricaMon, 15 Sep 2014 09:20:28 +0000
Saudi Arabia says buys 610,000 tonnes of hard wheathttp://www.brecorder.com/markets/commodities/middle-east-a-africa/195035-saudi-arabia-says-buys-610000-tonnes-of-hard-wheat.htmlhttp://www.brecorder.com/markets/commodities/middle-east-a-africa/195035-saudi-arabia-says-buys-610000-tonnes-of-hard-wheat.htmlimageABU DHABI: Saudi Arabia bought 610,000 tonnes of hard wheat in a tender for shipment periods between Dec. 1 and Jan.30 , the Grain Silos and Flour Mills Organisation (GSFMO) said on Monday.

The accepted origins are the European Union, North and South America and Australia at the sellers' option, the GSFMO said.

The wheat is to be shipped in 10 consignments, with 310,000 tonnes for shipment to the port of Jeddah and 300,000 tonnes for the port of Dammam, GSFMO Director General Waleed Elkhereiji said in a statement.

Copyright Reuters, 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui)Middle East & AfricaMon, 15 Sep 2014 08:23:36 +0000