Stability through sustenance

As the world’s largest wheat importer, Egypt has been hit hard by Russian’s export ban on grain [see A cruel, hot summer]. The North African nation relies heavily on Russia for its wheat imports, as Egyptians consumed roughly 9 million tons more wheat than they produced last year. The ban, which is to run until the end of December, canceled 540,000-tons in Russian deliveries between August 1 and September 10. Egypt then rushed to secure contracts with France and Canada totaling some 600,000 tons, at an average price of $280 per ton, compared to the $183 per ton it paid Russia in July. Egyptian Trade Minister Rachid Mohamed Rachid said the ban on Russian wheat imports would cost the state up to $877 million. He also said that Egypt has wheat stockpiles which will last up to five months, even factoring in the increased bread consumption typically seen during Ramadan.