Egypt’s GASC says unlikely to buy wheat soon

Egypt, the world's largest importer of wheat, is unlikely to buy soon due to the increase in prices and availability of wheat stocks, Mamdouh Abdel Fattah, vice chairman of the main government wheat buying body GASC, said on Thursday.

"I would like to say I am confident we have enough stocks and hence it is unlikely we buy from the international market soon, especially with the current increase in prices," Abdel Fattah told Reuters.

Egypt, hit by a deep economic crisis after two years of political turmoil, has reduced its purchases of imported wheat, betting on a higher domestic crop. Egypt's wheat reserves are enough to last until November, Abdel Fattah has said.