Supply Minister: Egypt to Buy 180,000 Tons of Indian Wheat

Ears of wheat are seen in a field near the village of Zhovtneve, Ukraine, July 14, 2016. REUTERS/Valentyn Ogirenko/File Photo
Ears of wheat are seen in a field near the village of Zhovtneve, Ukraine, July 14, 2016. REUTERS/Valentyn Ogirenko/File Photo
TT

Supply Minister: Egypt to Buy 180,000 Tons of Indian Wheat

Ears of wheat are seen in a field near the village of Zhovtneve, Ukraine, July 14, 2016. REUTERS/Valentyn Ogirenko/File Photo
Ears of wheat are seen in a field near the village of Zhovtneve, Ukraine, July 14, 2016. REUTERS/Valentyn Ogirenko/File Photo

Egypt has contracted to buy 180,000 tons of wheat from India, less than previously agreed, but is looking at ways to extract more flour from grain and even use potatoes in bread making as it tries to trim imports, the supply minister said on Sunday.

Egypt, one of the world's biggest wheat importers, has in recent years purchased much of its grain from the Black Sea, but saw those imports disrupted by Russia's invasion of Ukraine.

The conflict has also further raised wheat import costs.

Egypt relies mainly on imported wheat to make heavily subsidized bread available to more than 70 million of its 103 million population.

As Egypt sought to diversify import origins, Supply Minister Aly Moselhy said in May that it had agreed to buy 500,000 tons of wheat from India. India banned wheat exports the same month, but made allowances for countries like Egypt with food security needs.

"Based on what the supplier said, the condition was that the wheat has to be at the ports, then it would be available," Moselhy told a news conference on Sunday.

"We had agreed on 500,000 tons, turns out [the supplier]has 180,000 tons in the port."

According to Reuters, Moselhy added that Egypt was also in talks with Russian suppliers for a wheat purchase agreement.

Separately, Egypt is looking at ways to obtain more flour from grain, raising the extraction percentage for flour used for subsidized bread to 87.5% from 82%, Moselhy said.

That could save around 500,000 tons of imported wheat, importing 5-5.5 million tons of wheat for the 2022/23 fiscal year, he added.

Another idea being tested was supplementing wheat flour with potatoes. "We are looking at the technology now," Moselhy said.

Current wheat reserves are sufficient for nearly 6 months after procurement of 3.9 million tons in the local harvest, according to Moselhy.



Oman Port Hit by Drone to Reopen from Tuesday

General view of Port of Salalah in Dhofar governorate, Oman, August 6, 2024. REUTERS/Rula Rouhana/File Photo
General view of Port of Salalah in Dhofar governorate, Oman, August 6, 2024. REUTERS/Rula Rouhana/File Photo
TT

Oman Port Hit by Drone to Reopen from Tuesday

General view of Port of Salalah in Dhofar governorate, Oman, August 6, 2024. REUTERS/Rula Rouhana/File Photo
General view of Port of Salalah in Dhofar governorate, Oman, August 6, 2024. REUTERS/Rula Rouhana/File Photo

Danish shipping firm Maersk announced Monday that Oman's port of Salalah, which was hit by a drone at the weekend, would start to reopen from Tuesday.

The Oman authorities said one worker was injured and minor damage caused by the strike on the port, which is run by Maersk subsidiary APM Terminals and is one of the key shipping facilities in the Gulf state.

Maersk said the area damaged was "limited" and that the port's management would take "necessary measures" to progressively build up to full capacity.

Some "constraints" would remain but additional safety and "preventive" measures had been taken because of the strike, it added.


US Stocks Open Higher after Trump Threatens Iran

Stock market statistics are displayed on a screen at the New York Stock Exchange (AFP)
Stock market statistics are displayed on a screen at the New York Stock Exchange (AFP)
TT

US Stocks Open Higher after Trump Threatens Iran

Stock market statistics are displayed on a screen at the New York Stock Exchange (AFP)
Stock market statistics are displayed on a screen at the New York Stock Exchange (AFP)

Wall Street stocks opened higher Monday after US President Donald Trump claimed progress in talks with Iran, even as he threatened to destroy key oil facilities on Kharg Island and to decimate the country's power infrastructure.

International benchmark Brent North Sea crude was up 2.2 percent to $115.02 per barrel on Monday morning, while the main US oil contract, West Texas Intermediate, rose 1.7 percent to $101.35, AFP reported.

All three major US indices started the week on the front foot.

About ten minutes into trading, the tech-rich Nasdaq Composite was up 0.8 percent at 21,124.23, the Dow Jones Industrial Average rose 0.9 percent at 45,566.69, and the broad-based S&P 500 also rose 0.9 percent to 6,426.20.

Art Hogan of B. Riley Wealth Management said investors "would desperately like to see an exit ramp in this war."

Still, even as Trump claims progress towards talks, he is often contradicted by Tehran and the Middle East region remains engulfed by war, with US-Israeli strikes continuing, Iran's retaliation targeting US allies in the Gulf and Israeli strikes against Lebanon expanding.

"The market's going to wake up every day and try to figure out where we are in the war with Iran and what that means for energy prices," said Hogan.

"If in fact, the president's announcement on Truth Social can be even taken a little bit seriously about negotiations going well, then the market would celebrate that."

Hogan added that markets were currently oversold and therefore "very susceptible to any good news, especially as it pertains to this war in Iran."

Monday's gains came after a series of losses last week, with the S&P 500 ending the week lower for the fifth straight week, its longest such run in four years.


Turkish Cenbank Total Reserves Fell $55 billion Since War Began

Turkish Central Bank (official website)
Turkish Central Bank (official website)
TT

Turkish Cenbank Total Reserves Fell $55 billion Since War Began

Turkish Central Bank (official website)
Turkish Central Bank (official website)

The Turkish Central Bank's total reserves fell by a hefty $22 billion last week to $155.5 billion, bringing their declines since the start of the Iran war to $55 billion, bankers said, Reuters reported.

They said the central bank sold $18 billion in foreign exchange last week, meaning its total forex sales amid the one-month war totaled $44 billion.

The central bank's net reserves fell $22.5 billion last week to $35 billion, the bankers also said.