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Egypt's grain board holds surprise corn tender as privates struggle.
Jan 17, 2023

A representative from GASC confirmed the corn would be used for feed, but said it wasn't yet clear how the grain would be distributed within Egypt. The country usually imports more than 1 million mt/month of corn, but took just 924,000 mt in the last three months of 2022. Egypt imported 3.63 million mt in the same period a year earlier. This shortage has resulted in a shrinkage of the poultry stock and fears of rising prices.
 
Egypt's private players have struggled to take delivery of corn since September 2022 because it became hard for them to pay when the government tightened restrictions on foreign exchange.
 
'There are no dollars coming in,' said Emad Hanna, the owner of Prime Grains Group, which trades wheat, corn and sunflower meal. 'Suppliers are selling volumes to Egypt and not getting any money.'
 
The decline is largely because Egyptian importers were unable to get their banks to provide letters of credit for dollar payments.
    
spglobal.com

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