(MENAFN) Egypt is likely to purchase as much as 1.7 million metric tons of wheat from the U.S. throughout the fiscal year 2018-19.
It comes as Egypt recorded the acquisition of 115,000 tons of American wheat during the fiscal year 2017-18.
"Demand is key to wheat and we need to see more demand to get the prices moving higher," stated chief commodity strategist with Farms.com Risk Management, Moe Agostino.
Agostino added that "wheat prices across the Black Sea region (Russia, Ukraine, Belarus and Kazakhstan) hit three-year highs. So, when Egypt buys from that area, it is paying more than it did three months ago."
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