“Agricultural yields”: a thousand pounds, an increase per ton within 3 weeks
The jumps in international freight rates and the decline in global production contributed to a noticeable increase in the demand for white beans exports, during this September, which raised their prices by about 300 dollars per ton, to reach 1,300 dollars.
Ezzat Aziz, a member of the Agricultural Crops and Grains Division at the Cairo Chamber of Commerce, said that white bean exports are witnessing an increasing demand since the beginning of this September, which contributed to an increase in their local prices by about 1,000 pounds per ton in just 3 weeks.
He pointed out that the high external demand for Egyptian beans was supported by jumps in international shipping prices, which made them more competitive in Arab and European countries during the recent period.
He explained that Egypt is the second largest Egypt for white beans in the world after its first competitor, Argentina, pointing out that drought waves caused a decline in Argentina’s crop this year, and this came in the interest of the Egyptian producer.
He added that the price of a ton of white beans ranged between 18 and 19 thousand pounds per ton, and it has now risen to 20 thousand pounds per ton.
He pointed out that the volume of domestic consumption is estimated at only 10% of the production, while the rest of the crop is directed to export, and there are large quantities and stocks in the market that ensure that the increase in exports is not negatively affected by the market needs.
For his part, Mahmoud Al-Waleili, Chairman of the Board of Al-Riyada Company for Rice Milling, said that the prices of beans rose from 1.1 thousand dollars to 1,300 dollars, supported by the increase in external demand for them.
He added that the length of the shipping period of up to 40 days from competing countries, compared to 10 days from Egypt to Arab countries, also supported the increase.
El Welily explained that Egyptian exports in general are witnessing a growth during the current year, compared to the same period last year.
For his part, Ammar Mohamed, Secretary of the Agricultural Crops and Grains Division at the Cairo Chamber of Commerce, said that the local demand for beans is limited during the current period, but it is the external demand that has revived sales.
He pointed out that the prices of white beans currently range between 18,500 and 20 thousand pounds per ton, and there is also an increase in demand from European countries, and large quantities are exported to North Africa and Algeria, and this contributed to raising prices by about one thousand pounds in the price of a ton.
The article, freight prices jumps, raises demand for bean exports and raises prices, was written in Al Borsa newspaper.