Egypt's Supply Commodities Authority Believed to Have Canceled Wheat Procurement

Traders mentioned that "it is believed that the General Authority for Supply Commodities, the government buyer of grains in Egypt, has canceled an international procurement for purchasing wheat organized today, Thursday, without conducting any purchases." It is believed that the offered prices were excessively high. Bids were submitted in the procurement earlier on Thursday, with Ukrainian wheat being the lowest priced. The wheat was required to be shipped between March 1 and 10.