Egypt's state grains buyer Future of Egypt agreed in April to purchase around 180,000 metric tons of French wheat in private deals with two major European traders, trading sources told Reuters, signalling a shift towards greater direct engagement with global suppliers. The deals—two cargoes priced at $246 per ton for immediate payment and one at $256 per ton on 180-day credit—mark a rare instance of the Future of Egypt agency securing wheat for Egypt's bread subsidy programme without relying on local intermediaries. Delays in letters of credit and freight arrangements have held up shipment, but at least some cargoes are expected to load in May and June. The agreement, which coincided with a visit by French President Emmanuel Macron to Cairo, comes amid sluggish global demand and strained French-Algerian trade ties, making Egypt an attractive buyer. French wheat, which rarely finds a market in Egypt dominated by cheaper Black Sea grain, could see a revival if the shipments proceed smoothly. Future of Egypt is also in talks for further purchases from Bulgaria and Romania. Attribution: Reuters Subediting: M. S. Salama
