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Egypt wheat stocks sufficient for 95 days-minister CAIRO: Egypt, the world's biggest wheat importer, has strategic stocks of nearly 2.3 million tonnes of the grain from international and local markets, enough to last until late May, the country's supplies minister said on Wednesday."The strategic government stocks of local and imported wheat have dropped to 2.292 million tonnes, enough for 95 days or until 29 May 2013, compared to 101 days last week," Bassem Ouda, supplies minister, said in a report presented to the cabinet.Egypt's wheat imports are sharply down this year as it endures economic and political crisis, but state and private buyers say the state is allocating priority financing for wheat imports. They are also pinning some of their hopes on an increase in domestic production.Egypt has a history of bread riots but maintained supplies of heavily subsidised flat loaves - which sell to the poor for just 5 piastres (less than 1 US cent) - ...

Nomani expects sharply higher local wheat crop CAIRO: Egypt's domestic wheat crop is expected to rise sharply in 2012-2013, a top official said on Sunday, adding that the state had not cut funds for overall grains purchases despite a rising budget deficit and falling foreign currency reserves. Nomani Nomani, adviser to Egypt's supply minister, told Reuters that the higher local wheat production was due to incentives offered to farmers. Nomani, who until last week was in charge of imports at state grains ...
Egypt state grain buyer steps aside, new GASC head named CIARO: Nomani Nomani, vice chairman of Egypt's state grains buyer GASC, has left his job after more than three years overseeing strategic buying for the world's biggest importer of wheat.   Nomani's replacement at the agency is Mamdouh Abdel Fattah. Nomani said he will now become an adviser to the supply minister.   "I got promoted to become an adviser to the minister of trade and supplies, which means that I will no longer handle the wheat bidding and ...
Kumba year earnings fall in line with expectations   JOHANNESBURG: South Africa's Kumba Iron Ore, a unit of global mining company Anglo American, on Tuesday posted a 28 percent drop in full-year earnings, hit by lower export prices, rising costs and an illegal strike at its Sishen mine.   Kumba, the continent's largest iron ore producer and No. 10 globally, said diluted headline earnings per share fell to 37.91 rand from 52.99 rand a year earlier.   The results compared to 37.76 rand per share forecast by Thomson ...
Ivorian cocoa arrivals seen at 854,000T ABIDJAN: Cocoa arrivals at ports in top grower Ivory Coast reached around 854,000 tonnes by Feb. 3 since the start of the season in October, exporters estimated on Monday, compared with 902,650 tonnes in the same period of the previous season.   Exporters estimated around 37,000 tonnes of beans were delivered to the West African state's two ports of Abidjan and San Pedro between Jan. 28 to Feb. 3, up from 25,583 tonnes in the same week ...
Glencore director says corn use in biofuel questionable DUBAI: A director of commodity trading giant Glencore on Sunday questioned the conversion of corn into ethanol biofuel, saying it can contribute to higher prices.   Critics of using foodstuffs to make fuel say the process can drive up food prices by reducing available supplies, hitting the world's poorest people hardest.   Responding to a question in a panel discussion at the Kingsman Dubai sugar conference, Chris Mahoney, director of agricultural products at Glencore, said; "Ethanol production from grains ...
Ivory Coast rains to extend main crop cocoa output ABIDJAN: Rain fell across most of Ivory Coast's principal cocoa regions last week, ending a month-long dry spell and reviving hopes that main crop harvesting will carry on into March, farmers and analysts said on Monday.   Ivory Coast, the world's top cocoa producer, saw a late onset to its traditional mid-November to March dry season, with rains continuing into early December.   However, none of its main cocoa regions had received measurable rainfall in the past five weeks, ...

 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln