Syria's state-owned General Establishment for Cereal Processing and Trade, or Hoboob, is in talks with Egypt's state-owned Food Industries Holding Co. to exchange Syrian wheat for Egyptian rice.

According to the offer, Syria is looking to send 176,000 MT of milling wheat to Egypt while receiving 102,000 MT of rice.

Syria and Egypt had canceled a similar deal last year with Hoboob citing bad weather conditions causing an insufficient crop as a reason for failure of the deal.