Australian Wheat Sales Reach 1.2 MMT to Egypt
DONALD - May 6/02 - STAT -- The Latest wheat sales by the Australian Wheat Board lifted sales to Egypt to the 1.2 million metric tons (MT) mark, the best 12 month performance since the mid 1990s.
The latest sale reported by the marketing board was a 240,000 MT soft white wheat purchase by the Egyptian Government.
Chief Executive Andrew Lindberg said AWB had significantly increased its share of the large Egyptian market this year, with Australian wheat accounting for 35% of the annual purchases by the Government buying agency, the General Authority of Supply Commodities.
"Egypt is a white wheat buyer and AWB has maximized its opportunities within the strong soft white wheat market during the past twelve months, despite increased export competition," Lindberg said. "We have a long and successful trade relationship with the Egyptian Government, and we have been able to continue and expand that relationship this year despite the tough economic environment in Egypt.
"This latest sale is a large parcel of wheat that adds significant value to AWBs National Pool, and is one that creates a positive ripple effect in terms of our whole marketing and logistics strategy. The National Pool also benefits from sales such as this through the millions of dollars of savings in carry charges alone," Lindberg said.
Lindberg said ASW wheat had become a significant component of Egypts subsidized bread market, due to its high extraction rates and production of bright white flour.
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