01172017Tue
Last update: Tue, 17 Jan 2017 10pm

Middle East & Africa

Markets - Commodities - Middle East & Africa

Egypt sets buying price for local rice, maintains export ban CAIRO: Egypt said on Wednesday it would pay its farmers 2,300-2,400 Egyptian pounds ($259-$270) per tonne for rice during the harvest season that starts this month and continue to ban exports of the grain. Egypt is planning to buy 2 million tonnes of paddy rice during the harvest and store it in reserve to avoid a repeat of the subsidised rice shortage and price spikes that racked the country over the past year.The price of local rice jumped over the past year after the government failed to procure local stocks during the harvest. Traders subsequently hoarded supplies and drove up local prices at the expense of impoverished consumers unable to find the staple at subsidised government outlets.The North African country consumes roughly 3.3 million tonnes of the grain and generally produces a surplus. Despite the surplus, Egypt will continue to ban the export of all types of rice, a policy ...

Markets - Commodities - Middle East & Africa

Egypt public prosecutor says $70mn worth of local wheat falsely claimed CAIRO: Egypt's general prosecutor said on Sunday that local wheat suppliers worked with government employees to falsely claim 621 million Egyptian pounds ($69.93 million) worth of grain that does not exist. Egypt has been embroiled in a controversy over its local wheat supplies, with grains industry officials claiming that over 2 million tonnes of the 5 million tonnes of locally procured wheat in this harvest may exist only on paper. Egypt's general prosecutor has ordered ...

Markets - Commodities - Middle East & Africa

Egypt's GASC says buys 60,000 tonnes Russian wheat DUBAI: Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), said on Tuesday it had bought 60,000 tonnes of Russian wheat in a tender. The wheat, which is for Sept. 11-20 shipment, was purchased at an average price of $177.09 a tonne cost and freight, vice chairman Ahmed Youssef said. Traders gave the following breakdown of the purchase: Midgulf: 60,000 tonnes of Russian wheat at $168.90 a tonne free-on-board and $8.19 a tonne ...

Markets - Commodities - Middle East & Africa

Egypt's FIHC buys soyoil and sunoil in tender CAIRO: Egypt's state-backed Food Industries Holding Company (FIHC) has purchased 30,000 tonnes of crude soyoil and 30,000 tonnes of crude sunflower oil in an international tender which closed on Tuesday, traders said. FIHC bought 30,000 tonnes of soyoil at $758 a tonne c&f from ADM, they said.For sunflower oil, it purchased one 15,000 tonne consignment from Glencore at $774 a tonne c&f and another 15,000 tonnes at $777.77 a tonne c&f from Nidera, they said.All ...

Markets - Commodities - Middle East & Africa

Egypt's GASC says seeks wheat for Sept. 11-20 shipment ABU DHABI: Egypt's General Authority for Supply Commodities (GASC) set a tender on Monday to buy an unspecified amount of wheat from global suppliers for shipment from Sept. 11-20. Ahmed Youssef, vice chairman of GASC, said the authority is seeking to buy cargoes of soft and/or milling wheat from the United States, Canada, Australia, France, Germany, Poland, Argentina, Russia, Kazakhstan, Ukraine, Romania and Bulgaria. Tenders should reach GASC by noon (1000 GMT) on Tuesday. The ...

Markets - Commodities - Middle East & Africa

Ivory Coast Jan-June cotton exports up 1.5pc ABIDJAN: Cotton exports from Ivory Coast totalled 282,748 tonnes to the end of June, up 1.5 percent from the previous year, provisional port data showed on Monday. Annual cotton output was about 400,000 tonnes before a 2002-03 civil war plunged the country into nearly a decade of political turmoil. Attractive prices in recent years have drawn farmers back to the sector. The main port of Abidjan is also the primary point of export for cotton ...

Markets - Commodities - Middle East & Africa

Ivorian cocoa arrivals fall 13 percent this season ABIDJAN: Cocoa arrivals at ports in top grower Ivory Coast reached around 1,434,000 tonnes by July 31, 2016, since the start of the season on October 1, 2015, exporters estimated on Monday, down 13 percent on the previous season.Around 1,645,000 tonnes of beans had arrived by this date in the same period of the previous season. Exporters estimated around 6,000 tonnes of beans were delivered to the West African state's two ports of Abidjan and ...