Wheat at record is the worst thing that could happen to Egypt

“The price of wheat on the active futures contract shot up to $9.43 a bushel from only $6.25 a bushel just a month ago, due to the drought in the US Midwest and other factors. That is a further blow to stability in Egypt, the world’s largest wheat importer, dependent on foreign sources for half its caloric consumption. Egypt now imports 800,000 metric tons of wheat a year.

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