Egypt wheat procurement process undisrupted despite political turmoil

Egypt’s main government what buyer entered global markets for a second time in a week this Thursday, suggesting that the procurement process for the world’s biggest importer has been undisrupted by political turmoil.

Egypt sought offers from Australia and other top exporting nations such as the United States and Canada.

The General Authority for Supply Commodities (GASC) set a tender on Thursday to buy an unspecified amount of soft wheat from global suppliers for April 1-10 shipment.

"That tells me that their purchasing system did not fall apart," said grains analyst Shawn McCambridge of Prudential Financial in Chicago.

"Their banks reopened over the weekend and things like letters of credit are being issued," Mr McCambridge said.

The tender suggested that the GASC unit was functioning normally even on a day when the presidency of embattled Hosni Mubarak seemed to hang in the balance amid a popular uprising.

Mubarak looked likely to step down on Thursday, ending his 30-year rule, after the military high command took control of the nation in what some called a military coup after two weeks of unprecedented protests by Egyptians.

But he later said he was not standing down, although he transferred power to his vice president.

The tender comes at a time when restive nations in North Africa and the Middle East have been scrambling to build their reserves of grains to ensure food security.  

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