Egypt to set local buying price for wheat in March

CAIRO: Egypt will set its local buying price for wheat in March, one month ahead of the harvest, the ministry of agriculture said on Monday.

The world's biggest wheat importer did not specify whether it would retain a system where it ties the local buying price to world prices, or return to an system where it subsidises farmers at a set price above world prices.

Last year Egypt procured about 3.6 million tonnes of wheat under the new pricing scheme.

The ministry said consumption of wheat used for its bread subsidy programme stands at about 9 million tonnes per year.