(MENAFN) Egypt's Supply Minister Sherif Farouk expressed confidence in the country's ability to meet its goal of importing approximately 3.8 million tons of wheat by the end of the year. This optimistic outlook is supported by a series of strategic practices, direct purchases, and government agreements aimed at securing the necessary wheat supply. Farouk emphasized that Egypt has a "green light" to engage in direct negotiations to obtain the best prices, and highlighted the need for favorable terms, including payment conditions and preferential pricing, given the critical nature of wheat imports for the nation.

Despite these assurances, Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), has faced challenges. On August 6, GASC launched what traders described as the largest wheat tender ever by the world's largest wheat importer. However, by August 12, Egypt had only managed to purchase 280,000 tons of wheat, significantly short of its target. Traders attributed this shortfall to rising prices and delays in payments, leading to informal negotiations between GASC and suppliers.

To address these issues, Hossam Al-Jarrahi, the vice president of GASC, confirmed ongoing discussions with various stakeholders, including traders, governments, and farmers' associations, to secure wheat at optimal prices. Traders estimate that GASC aims to acquire up to 1.8 million tons of wheat, including significant quantities from Russia, with a target price of around USD248 per ton on a free-on-board basis and payment terms involving 270-day letters of credit. 

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