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Egypt Sets up Commodities Exchange for Wheat, Oils, Sugar and Rice

9 Sep 2020 4:05 pm
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Mumbai (Commodities Control) – Egypt on Wednesday announced the formation of a commodities exchange which will initially trade wheat, oils, sugar and rice beginning in the first half of 2021.

It will be chaired by Ibrahim Ashmawy and have 91 million Egyptian pounds ($5.78 million) in capital.

Egypt, the world's largest wheat importer, established the exchange to provide protection for small farmers and producers and make their stocks available to the wider market, the supply ministry said.

Farmers, traders or producers can deposit their stocks in any of the supply ministry's certified storage facilities where they will be evaluated and graded then directly traded on the electronic platform, Ashmawy said.

Supply and demand will then determine the price of these commodities for the consumer, he said.

The exchange could also allow for developing options or futures contracts for the commodities on offer at a later stage, the ministry said.

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