Investing.com -- Mostakbal Misr, Egypt’s state grain buyer, has purchased approximately 180,000 metric tons of French wheat from two leading European traders in April, according to a Monday report by Reuters. This move shows an increasing acceptance of the new entity by global suppliers.

The wheat was bought in three 60,000 metric ton cargoes, two from one company and one from another. They also reported that the delivery of these cargoes is currently experiencing delays.

This private agreement, not previously disclosed, is one of the few times Mostakbal Misr has managed to directly secure cargoes for Egypt’s substantial bread subsidy program from global suppliers. These suppliers have previously been cautious about doing business with the relatively unknown military agency, the report added.

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