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  • Writer's pictureBy The Financial District

Egypt Shifts Away From Russia, Seeks Wheat From France And Bulgaria

Egypt is set to transition to sourcing nearly 500,000 tons of wheat from France and Bulgaria after Moscow blocked the supply of Russian grain.

A grain field in Altai, Russia.

This information comes from sources familiar with the situation, as reported by Abdel Latif Wahba and Áine Quinn for Bloomberg News.

The sources stated that Moscow objected to the pricing of this substantial deal, and they requested anonymity as this matter is private.

This marks the second instance in the past few months in which the purchase of Russian wheat by Egypt's state-run buyer has faced disruptions as authorities in Moscow attempt to enforce an unofficial price floor.

In early September, Egypt's General Authority for Supply Commodities had initially agreed to purchase 480,000 tons of Russian wheat through direct negotiations, as stated by Supply Minister Ali El-Mosilhy.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

The deal was completed at $270 per ton, including freight, which was lower than the unofficial price floor that Russian officials were trying to establish at that time.

A few days later, Egypt announced that crop trader Solaris would have the option to supply grain from any source.

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