08302016Tue
Last update: Tue, 30 Aug 2016 08am

Middle East & Africa

Markets - Commodities - Middle East & Africa

Top price of Kenya's best tea rises at auction NAIROBI: The highest price of the best Kenyan tea grade Best Broken Pekoe Ones (BP1s) rose at this week's sale, Africa Tea Brokers said on Tuesday.Kenya is the world's leading exporter of black tea and the commodity is its leading foreign exchange earner. Copyright Reuters, 2016 ...

Markets - Commodities - Middle East & Africa

Nigeria cuts 2016/17 cocoa forecast due to black pod, higher costs ABUJA: Nigeria has cut its cocoa output forecast for 2016/17 by up to 10 percent to 300,000 tonnes after rain exposed trees to black pod disease and as farmers struggle with higher cost, the head of the country's cocoa association said on Friday."We were expecting Nigeria to get up to 340,000 tonnes but we are now projecting between 300,000 to 305,000 tonnes (for 2016/17)," Sayina Riman, Cocoa Association of Nigeria (CAN) president, told Reuters. In ...

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 ...

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 ...