Sudan’s Wheat Import Requirements to Rise to 3.5 Mln Tons in 2023

A container with wheat is seen aboard Marshall Islands flagged general cargo ship Negmar Cicek loaded with wheat for Yemen, amid Russia's attack on Ukraine, in a sea port of the Chornomorsk town, Odesa region, Ukraine March 24, 2023. (Reuters)
A container with wheat is seen aboard Marshall Islands flagged general cargo ship Negmar Cicek loaded with wheat for Yemen, amid Russia's attack on Ukraine, in a sea port of the Chornomorsk town, Odesa region, Ukraine March 24, 2023. (Reuters)
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Sudan’s Wheat Import Requirements to Rise to 3.5 Mln Tons in 2023

A container with wheat is seen aboard Marshall Islands flagged general cargo ship Negmar Cicek loaded with wheat for Yemen, amid Russia's attack on Ukraine, in a sea port of the Chornomorsk town, Odesa region, Ukraine March 24, 2023. (Reuters)
A container with wheat is seen aboard Marshall Islands flagged general cargo ship Negmar Cicek loaded with wheat for Yemen, amid Russia's attack on Ukraine, in a sea port of the Chornomorsk town, Odesa region, Ukraine March 24, 2023. (Reuters)

Sudan will need to import 3.5 million tons of wheat this year because of a 30% drop in the projected local harvest after farmers switched to planting different crops, the UN Food and Agriculture Organization (FAO) said on Wednesday.

Some farmers told Reuters the government had failed to buy their wheat on promised terms last year, leaving them reluctant or without the money to plant a new crop.

This year production of sorghum, a staple in Sudan, and of millet, is expected to recover, helped by favorable rains, the FAO said. Projected wheat imports will therefore account for nearly all Sudan's expected cereal import requirements of 3.6 million tons, it added.

"This will have a major impact on the food security of millions of Sudanese people, as international prices of wheat continue to increase and the country's national currency weakens," the agency said in a statement.

In 2022, Sudan imported 2.7 million tons of wheat and flour at a cost of $1.06 billion, with Russia, Australia, and Romania being the top import origins, according to central bank data.

Humanitarian agencies have warned of rising levels of hunger in Sudan, where more than one third of the population faced acute food insecurity last year.

"Communities are facing differing scales of vulnerabilities driven by soaring prices of staple crops, and the combined effects of economic downturn, high inflation, climate-induced hazards and conflict," the FAO statement quoted its Sudan representative Adam Yao as saying.



Tel Aviv Shares Hit Record Highs after US Strikes Iran Nuclear Sites

A Tel Aviv Stock Exchange sign is seen at the bourse in Tel Aviv, Israel November 4, 2020. REUTERS/Amir Cohen/File Photo
A Tel Aviv Stock Exchange sign is seen at the bourse in Tel Aviv, Israel November 4, 2020. REUTERS/Amir Cohen/File Photo
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Tel Aviv Shares Hit Record Highs after US Strikes Iran Nuclear Sites

A Tel Aviv Stock Exchange sign is seen at the bourse in Tel Aviv, Israel November 4, 2020. REUTERS/Amir Cohen/File Photo
A Tel Aviv Stock Exchange sign is seen at the bourse in Tel Aviv, Israel November 4, 2020. REUTERS/Amir Cohen/File Photo

Israeli stocks hit record highs on Sunday after the US attacked Iran's nuclear sites in strikes investors believe would likely prevent Tehran from developing nuclear weapons anytime soon.

The broad Tel Aviv 125 index closed 1.8% higher, extending gains to nearly 8% the past week, while the blue-chip TA-35 gained 1.5%.

On the heels of Israeli strikes in Iran, shares rose during all five sessions last week, gaining some 6%, as Israel hit Iranian nuclear and military targets prior to Saturday's surprise US attacks, Reuters reported.

"The destruction of Iran's key nuclear facilities by the US military is, of course, a positive development ... in terms of improving the regional security environment and reducing Iran’s military and nuclear capabilities," said Mizrahi Tefahot chief markets economist Ronen Menachem. "It's a game-changer."

Israel began its punishing attacks on Iranian nuclear facilities, ballistic missile factories and military commanders on June 13, which have been met with retaliatory Iranian strikes against Israel.

US President Donald Trump said he had "obliterated" Iran's main nuclear sites in strikes overnight with massive bunker busting bombs, joining an Israeli assault in a significant new escalation of conflict in the Middle East.

Tehran vowed to defend itself, and responded with a volley of missiles at Israel that wounded scores of people and destroyed buildings in Tel Aviv on Sunday.

In addition to gains in shares, government bond prices have risen, the shekel has appreciated and Israel's risk premium has edged lower.

Bond prices increased as much as 0.2% on Sunday. The shekel does not trade on Sunday but it has rallied from 3.61 per dollar on June 11 to 3.48 on Friday and is up some 1% this month.