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Tuesday, August 28, 2012

''Global wheat prices expected to soar''

From Daily News Egypt

''The drought that recently hit the United States and Russia, the largest wheat exporters in the world, triggered fears of a global price rise of the strategic commodity.

One of the world’s largest wheat importers, Egypt is expected to suffer greatly as a result.

In addition, Egyptian wheat imports are minor compared to imports of other countries. Noamany said last season, Egypt imported 300,000 tonnes of wheat, compared to 3.6 million tonnes imported by Russia. The US drought will definitely force up international wheat prices during the current year, he added.''

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