Egypt holding talks to purchase one million tons of wheat from Russia

Egypt is in talks to buy one million tons of Russian wheat through a government-to-government deal.

The talks have taken place for delivery this season. It’s not clear how close the two countries are to a deal, according to Bloomberg.

Egypt is one of the world’s top wheat importers and its purchases are closely tracked as a global benchmark. Its state buyer last year began booking some wheat in private talks - marking a shift from its traditional process of securing grain through tenders - and since the beginning of the year has been allowed to import grain and vegetable oils via government-to-government deals.

Russia’s agriculture ministry didn’t respond to a request for comment. 

Russia has had two bumper harvests in a row, reinforcing its position as the biggest wheat shipper. Still, some recent sales of Russian wheat to Egypt have been complicated by efforts to enforce an unofficial price floor for the country’s supplies.