News last update:6 Aug 2012

Australia loses biggest wheat customer

Due to the immense drought in Australia, Egypt has instead bought 260,000 tonnes of wheat from exporters in Kazakhstan, the United States and Russia. Egypt normally buys up to $500 million worth of Australian wheat each year.

Wheat exports fromAustralia have been seriously depleted since 2006 and principal exporter AWB has reserved stocks to sell to customers prepared to pay high prices.

While Egypt has been a big customer, it has always taken a conservative outlook to pricing, according to sources linked to the wheat trade. These record grain prices, caused by a global grain shortage, also forced Egypt to abandon further purchases.

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