Egypt offers yellow corn on new commodities exchange to address feed crisis
The move by the General Authority for Supply Commodities (GASC) is aimed at supporting small producers and stabilizing the country's food supply in the face of a foreign currency crunch and high inflation rates.
Egypt has begun offering yellow corn on its newly-launched commodities exchange, according to a statement by exchange head Ibrahim Ashmawy. The move comes as the General Authority for Supply Commodities (GASC), Egypt's state buyer, seeks to address a feed crisis that has hit small producers and even led some farmers to cull chicks. Supply Minister Ali Moselhy has stated that the corn will be offered to local producers on the exchange. The move is part of a wider effort by Egypt to address a foreign currency crunch that has suppressed imports and pushed inflation to its highest level in five and a half years.
In recent months, GASC has also offered wheat to struggling mills via the exchange, selling nearly 570,000 tonnes since the exchange launched in November. These efforts have been critical for supporting small producers and ensuring the stability of Egypt's food supply.
The success of these initiatives highlights the importance of commodities trading and its potential to positively impact communities. Commodity trading provides producers with access to global markets and allows them to receive fair prices for their goods. It also allows consumers to access essential commodities at competitive prices.
