He stressed that the formation of a strategic reserve of highly sensitive commodities contributed to protecting against fluctuations in world markets, noting that Egypt is the largest buyer of wheat in the world.
The rate of rise in wheat prices globally will continue, and this is expected to negatively affect Egypt's general budget, which leads to an increase in the value of subsidies, Finance Minister Mohamed Maait expected, in a TV statements.
In a statement, the center said it had contacted the Supply Ministry, which described such rumors as baseless, stressing Egypt's strategic stock of the wheat is enough for six months.
The project spans over 2.2 million feddans (one feddan equals 4,500 square meters).
The move is part of the authority's efforts to augment its stock of strategic commodities, it said in a statement on Monday.
The company is established by the National Service Products Organization (NSPO).
The state seeks to fill this food gap by importing from abroad, and the competent authorities.
Egypt is expected to achieve self-sufficiency of sugar by 100 percent in 2022.
The area will be cultivated with strategic crops like wheat, corn, and vegetables.
The increase of global wheat production would lead to a decline in wheat prices globally and, thus, Egypt, the largest wheat importer in the world, will benefit from the declined prices, Abu Saddam clarified.
Egypt is the world's largest wheat importer.
"The average production per feddan of wheat is 2.7 tons, noting that what has actually been cultivated so far is about 3 million feddans.
The June BOP became $3.3 billion instead of $3.61 billion.
"Officials who aren’t able to impose order by dealing with construction violations have to resign," President Sisi.
All wheat shipments coming to Egypt are being examined by the Central Administration of Agricultural Quarantine amid very strict precautionary measures.
The minister was briefing Prime Minister Mostafa Madbouli on the status of the wheat supply nationwide.
The local season will continue for three months as Egypt targets to procure 3.6 million tons of the grain from local farmers.
About 893,000 tons of wheat have been harvested so far, the ministry said.
Steady crop ratings for U.S. winter wheat and forecasts of rain relief in Europe and the Black Sea region also curbed prices by easing concerns about harvest risks, traders said.
The state grain buyer said on Tuesday it bought 120,000 tonnes of Russian wheat as the country looks to bolster its strategic reserves amid the coronavirus outbreak.