CAIRO: Egypt has adequate wheat stocks and has not changed the pace at which it buys grain, Egyptian Trade Minister Rachid Mohamed Rachid said on Tuesday. Since the start of the 2010/11 fiscal year on July 1, Egypt's General Authority for Supply Commodities (GASC) has purchased about 4.465 million tonnes of French, U.S., Canadian, Australian and Argentine wheat. In the fiscal year that ended on June 30, GASC purchased some 5.53 million tonnes of U.S., French, Russian, German, Kazakh and Canadian wheat at international tenders. Rachid said Egypt is moving at the same pace already planned and that the country has enough stocks, as it usually targets to have around 4 months stock. Rachid told Reuters this week that Egypt may spend an extra 4.5-7 billion Egyptian pounds (US $0.7-1.2 billion) on food subsidies in 2010/11, up from a previous forecast of 2.5-4 billion EGP, due to rising global prices. Egypt imports about half the food eaten by its population of 79 million and is struggling with double-digit food inflation. Egypt was affected by Russia`s decision to ban wheat exports following a wild brushfires last year, as Egypt is the largest importer of wheat. BM
