Egypt Hopeful Of 600,000 MT For Rice Reserve

Egypt's Ministry of Trade and Industry has revealed that it expected a reserve of 600,000 MT of rice from the 2007/2008 season downplaying the media reports which claimed that that there was a rice shortage in the local market.

Egypt has banned rice exports until April 2009 in an effort to stabilize the local market.

Egypt's state-owned General Authority for Supply Commodities has been tendering to buy rice from the local market since the ban on exports took place in order to supply subsidized rice.