Egypt, the world’s biggest importer of wheat, has stopped buying the grain because the price of it is too high for the North African nation to afford.
The country imports huge amounts of wheat in order to subsidize bread for its citizens, but has now canceled Tuesday’s wheat tender because of high prices. Offers came higher than usual, the country said.
This is the fourth time this year that Egypt has balked at offers in a tender, highlighting the impact of high food costs on trade.
The General Authority for Supply Commodities in Egypt is seeking to purchase wheat from November 23 to December 3, while the average price paid by the authority since the start of purchases for the current season has jumped by about $100 per ton.