Cairo – Mubasher: The Chamber of Grain Industry, chaired by Representative Tarek Hassanein, Chairman of the Chamber’s Board of Directors at the Federation of Egyptian Industries, announced that the Egyptian Commodities Exchange, launched by the Ministry of Supply and Internal Trade, succeeded in achieving a balance in controlling the prices of wheat and flour in the markets..
Tariq Hassanein explained that 123 mills from the members of the Grain Industry Chamber of the Commodity Exchange are currently participating in the stock exchange so far. According to a press release issued on Saturday.
Hassanein said that the Ministry of Supply is currently receiving wheat from farmers to enhance the strategic stock of wheat for the production of subsidized bread, through 420 receiving points at the level of the governorates of the Republic, varying between vertical and field silos, hangers, bakers, developed stores and mill silos, with the ministry providing all Facilities for farmers to ensure increased rates of supply.
He added that the ministry has energies and storage capacities, and it includes all sites, silos, hangers and banks affiliated to the Ministry of Supply and the marketing agencies..
Abdel Ghaffar El Salamouny, Vice Chairman of the Board of Directors of the Grain Industry Chamber of the Federation of Egyptian Industries, explained that the proactive measures taken by the government, represented by the Ministry of Supply and Internal Trade, contributed to providing all food commodities and securing strategic stocks sufficient for long periods, pointing out that with the continuity of wheat trading and the increase in quantities displayed on the Egyptian Commodity Exchange platform, this will lead to a decrease in prices again, as the Egyptian Commodity Exchange contributed to reducing the prices of flour extracted by 72 percent during the past days, to 13.5 thousand and 14 thousand pounds per ton instead of 14.5 thousand and 15 thousand pounds per ton, which is mainly due to Positive on the prices of products such as bread, pastries, “baked goods and sweets” in favor of the consumer.
Abdul Ghaffar Al-Salamouni added that the Ministry of Supply, represented by the General Authority for Supply Commodities, decided to increase the offering of wheat quantities traded on the commodity exchange from an estimated amount of 13 thousand tons to 15 thousand tons of wheat in each session, as wheat is traded in two sessions a week, “Sunday and Wednesday.” It is expected that the quantities of wheat traded on the commodity exchange will increase to 20 thousand tons of wheat per session.
The Ministry of Supply aims to establish new silos with a storage capacity of 600,000 tons, bringing the total storage capacity of wheat in the ministry’s silos to more than 4 million tons, in addition to the presence of silos in the private sector with a storage capacity of nearly one million tons as well, which confirms the extent of the interest of the current political leadership in a commodity that is considered One of the most important strategic commodities is local wheat, which is intended for the production of well-fortified bread that conforms to standard specifications.