07282016Thu
Last update: Thu, 28 Jul 2016 02am

Middle East & Africa

Markets - Commodities - Middle East & Africa

Egypt buys 10,000 tonnes local wheat in first five days of season CAIRO: Egypt has purchased 10,000 tonnes of wheat from farmers in the first five days of the local procurement season, the supply minister said on Tuesday.Egypt, the world's largest wheat importer, is planning to buy 4 million tonnes of Egyptian wheat in the local season which started on Friday.Farmers are being paid a fixed price of 420 Egyptian pounds ($47.30) per ardeb (150 kg) of wheat after abandoning plans to reform its wheat farmer subsidy system.The new system would have paid a smaller direct subsidy to farmers before purchasing their wheat at global rates.The higher fixed price, well above global market rates, is meant to encourage farmers to grow wheat but has previously led to smuggling involving the sale of cheaper imported wheat to the government falsely labelled as Egyptian.Egypt's wheat harvest begins in April and runs through July. Last year the government said it procured a record 5.3 million ...

Markets - Commodities - Middle East & Africa

Jordan studying wheat import specification changes ABU DHABI: Jordan is studying changing the specifications and terms for importing wheat on the request of global suppliers, a government source told Reuters on Wednesday. "There are specialised committees that are studying the specifications and conditions upon the request of suppliers," the source said."It is possible that within two weeks this will be announced," he said.Jordan has been having trouble importing wheat and barley since late 2015 when new terms on quality control and ...

Markets - Commodities - Middle East & Africa

South Africa increases wheat import duty by 34pc JOHANNESBURG: South Africa's finance ministry said on Friday it had approved a 34 percent increase in the tariff on wheat imports to 1,224.31 rand per tonne from 911.20 rand per tonne."The Ministry of Finance is particularly concerned about the impact of the higher import duty on wheat on the price of bread and other staple food, but also mindful of the need to ensure policy certainty, food security and the financial health of the farming ...

Markets - Commodities - Middle East & Africa

Africa gold producers wary despite price rebound DAKAR: A steep rise in gold prices may have given hope to a battered mining industry in 2016, but after four tough years producers in Africa are still too wary to call the bad times over. Gold prices surged 15 percent in the first three months of 2016, the biggest quarterly rise in nearly 30 years, boosting miners' share prices, attracting new investment and promising to bolster the economies of gold-rich countries. Experts say the ...

Markets - Commodities - Middle East & Africa

Ivory Coast mid-crop cocoa harvest hit by poor weather ABIDJAN: Purchases of cocoa in Ivory Coast's mid-crop season that starts in April have ground to a halt because of a lack of rain and harsh winds that have also hit quality, farmers and buyers said. Forecasts for the April-October mid crop say it could drop to between 380,000 and 390,000 tonnes, a 24 percent fall from 502,000 tonnes in the same harvest last year, according to several trading houses and cocoa producers. The West ...

Markets - Commodities - Middle East & Africa

Moroccan wheat trade seeks longer import window after drought RABAT: Millers and wheat importers in Morocco have asked the government to extend a current import window and to allow an earlier start to next season's imports as drought threatens to slash the local harvest, trade sources said. Moroccan wheat trade federation FNCL has proposed to the authorities that the import campaign close at the end of May instead of April 30 and for next season's import window to be opened in August, the sources ...

Markets - Commodities - Middle East & Africa

Syria tenders to buy 2,500 tonne corn and 2,500 tonne soymeal HAMBURG: A Syrian state grains agency has issued an international tender to purchase and import 2,500 tonnes of yellow corn and 2,500 tonnes of soymeal, European traders said on Wednesday. The tender from the General Foreign Trade Organization (GFTO) closes on April 25, traders said.The animal feed grade corn and soymeal should arrive three months after the opening of a letter of credit on the purchase, they said.Copyright Reuters, 2016 ...