18 contracts concluded in Egyptian commodities exchange for supplying Russian wheat

Egypt's state grains buyer will be able to make international wheat purchases through a newly-launched exchange that is also aimed at eliminating local price distortions, its chairman said, Report informs, citing the foreign press.

With grain markets disrupted this year by fluctuating prices and the war in Ukraine, Egypt's General Authority for Supply Commodities (GASC) has been diversifying its purchasing methods.

Egypt launched the new commodities exchange on November 27, the supply ministry said in a statement, with GASC offering 12,000 tonnes of Russian wheat from its reserves to private sector mills.

On the first day of trading, wheat was sold at 9,750 Egyptian pounds ($397) per tonne in 18 transactions, the supply ministry said.