Egyptian Dependence on US Wheat is Growing
Egypt is becoming more dependent on the United States for its wheat, as Egyptian imports have risen by 43 percent since the end of June.
American exporters sold 120,000 metric tons of the grain to Egypt, with delivery in the year ending May 31, according to the U.S. Department of Agriculture.
Egypt was America's 14th largest importer of wheat at that point, but quickly consolidated much of its purchasing into the U.S. market over the summer. By November, Egypt was America's third largest importer, after Japan and Nigeria, according to Bloomberg News.
A significantly poorer rice crop in Egypt was seen as part of the reason, the Egyptian Gazette reported last week.
Wet weather in Canada and a drought in Russia and Eastern Europe also played a part in reducing global inventories as compared to those a year earlier.
On Wednesday, the New York-based news service reported that 47 percent of the U.S. winter wheat crop was rated good or excellent, one point up from the previous week. America's wheat crop was worth $10.6 billion in 2009, and according to government figures is the country's fourth-largest after corn, soybeans and hay.