While stating that Egypt's wheat supply may be tenuous due to outside situations, Minister Ali Moselhy said the global supply of wheat available is sufficient to meet the world's needs.
Egypt, one of the world's largest wheat importers, has not issued international purchasing tenders since mid-July, opting to buy directly from trading houses instead.
But observers say that buying from brokers subjects the nation to price fluctuations, especially spikes, as outside conditions drive the cost of the essential grain. Tenders supply at a fixed, agreed-upon price.
Moscow said on Saturday it was suspending its participation in a U.N.-brokered grain export deal after an attack on its Black Sea fleet. Ukraine has neither confirmed nor denied whether it was behind that attack.
As a result wheat prices have skyrocketed amid the conflict between Russia and Ukraine, two countries from which Egypt used to buy the majority of its wheat.
