Flour prices in the Egyptian markets also saw a decrease of about 200 pounds per ton.
(GASC) bought about 480,000 metric tons of Russian wheat from trading firm Solaris on Friday.
175,000 tons, is set to arrive in Egypt around September 15 to 30, followed by the second batch, 60,000 tons, which is scheduled for October 1 to 15.
Egypt's General Authority For Supply Commodities (GASC) has sealed a deal to import 360,000 tons of wheat.
Middle Egypt Flour Mills is an EGX-listed company engaged in the manufacture, trade, import, export, packaging, warehousing, and distribution of grain
He also stressed the importance of taking into account the needs of developing countries, especially in Africa.
Egypt is currently in talks with the United Arab Emirates to secure a total of $500 million in funding to import wheat.
The supply minister added that Egypt has strategic reserves of vegetable oils for at least four months.
Revenues hit EGP 241.287 million in FY 2022/2023, up 128% from EGP 188.029 million in the prior FY.
Arma, Beyty, Domty, or Edita are only some of the various FMCG brands from Egypt. The focus of local FMCG products is on food and beverages.
He indicated that the country's reserves of wheat are sufficient for consumption for a period of up to 6 months.
The average annual wheat imports from Russia over five years amounted to $1.5 billion.
Before the launch of the national silos project, the state incurred losses of about LE10 billion annually due to the quantitative and qualitative loss
Egypt has procured more than 1.6 million tonnes of local wheat so far this season, an agriculture ministry official told Reuters on Wednesday.
They are engaged in the processing, trading, importing and exporting, packaging, warehousing, and distributing of grains.
The gov stressed continuation of disbursing the subsidized loaf of bread to citizens on ration cards with only 5 piastres without any increase.
In third place is Nigeria with 2.2 million tonnes of wheat, and Egypt with 1.6 million tonnes.
Pressured by low offers at Egypt's import tender with uncertainty prevailing on what to expect from a meeting to discuss the Black Sea grain export.
The cheapest free on board offer was $272 per tonne for 60,000 tonnes of Ukrainian wheat, presented by Viterra.
The purchase comprised of 300,000 tonnes for shipment between May 10-20 and 300,000 tonnes for shipment between May 21-31, GASC said.