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Egypt Released Corn, Soy Fodder Worth $105 Million Last Week

Egypt’s Ministry of Agriculture and Land Reclamation has released 256,000 tons of corn and soy bean fodder from the country’s ports, with a total value of around $105 million between 7 and 13 April, according to a cabinet statement on Wednesday.

The released fodder included 228,000 tons of corn and around 28,000 tons of soy beans, Minister of Agriculture and Land Reclamation El-Sayed El-Quseir revealed.

The amount released this week was 47,000 tons higher compared to the previous week, he added.

El-Quseir highlighted that the total amount of fodder released from ports between 16 October 2022 and 13 April 2023 had reached four million tons, with a value of $1.953 billion.

The release of fodder is being coordinated by the Ministry of Agriculture and the Central Bank of Egypt (CBE) in order to reduce production costs in the country’s poultry industry.

The industry has been negatively affected by foreign currency shortages and the devaluation of the Egyptian pound, which caused crucial inputs like fodder to accumulate in ports.

On Tuesday, the Head of the Egyptian Customs Authority El-Shahat Gatoury stated that the Egyptian government released $15 billion worth of goods stranded at ports during the first quarter of 2023.

Source: ahram