Calls for Russian wheat increase on Egyptian trade

(MENAFN) The call for Russian wheat surpassed supply by almost 65 percent on the first exchange day of the newly-launched Egyptian Mercantile Exchange (EMX), Egypt’s internal trade and supply ministry made a declaration on Monday.

As said by the ministry, 12,000 tons of the product went on sale at 9,750 Egyptian pounds (USD398) a ton.

“Demand for wheat imported from Russia exceeded the ministry's initial supply by 64.83 percent on the first day of the commodity exchange operation,” the ministry informed the Al-Yaum Al-Sabia news agency.

As read by the declaration, the trading hub took 28 calls for almost 20,000 tons of wheat from Russia, with 18 agreements settled.

Exchange on the EMX began for the first time on Sunday, and kicked off with offers of Russian wheat. The ministry earlier declared that gold, cotton, rice and steel may also be dealt on the hub in the near time.


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