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Russia Is Ruling the World

Bloomberg, 20.11.17


- Egypt has bought only Russian grain in the past six tenders
- Cheaper prices help Russia grab more of the export market

(Bloomberg) -- When it comes to selling wheat to the world’s biggest buyer, Russia is barely facing any competition.

Egypt’s state buyer purchased 1.1 million metric tons in the past six tenders, all of it from Russia. The Black Sea country beat offers from Romania and France, while Ukraine has been absent from recent tenders.

Egypt’s choice to buy only Russian wheat is another sign of the country’s growing dominance in Middle East grain markets, where bread is often a state-subsidized staple food. Russia is offloading a record crop at cheaper prices, helped by lower production costs and a weaker ruble.

Russia’s wheat sales to Egypt via tenders have almost doubled from a year earlier. The country now accounts for about 75 percent of imports by Egypt’s General Authority for Supply Commodities.



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