Price: $ 1295
BMI View: Egypt remains the world's largest wheat importer, and moderating global prices will help to decrease pressure on the fiscal situation and on local inflation. Even though imports were halted for the first months of the year, we do not see this as a pattern and believe the country's imports will only increase in the coming years. We continue to see the lifting of the three-year-old ban on rice exports as providing a boost to the local industry. The sugar industry is benefiting from a tight local market and higher domestic prices, while the cotton industry is likely to be helped by the recent recovery in prices. The livestock and dairy industries are likely to recover soon from the recent foot-and-mouth disease outbreak, which had a milder impact than expected. We like the growth opportunit ...
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