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Egypt says to hold price for local wheat steady

Egypt PM says government plans to buy local wheat from farmers 'at a fair price no lower than last year'

Published: Updated:

Egyptian Prime Minister Ibrahim Mehleb said on Saturday the government planned to buy local wheat from farmers "at a fair price no lower than last year," in comments broadcast by state television.

The government purchased wheat for 420 Egyptian pounds ($58.74) per ardeb (150 kg) in the most recent harvest season which ended in June.

Egypt pays domestic farmers more than $100 per ton above the world market price for their wheat to encourage sales to the state.