News Updates EGYPT UPDATE The Egyptian government has announced that the budget for 2012/13 wheat purchases has been set at $2.65 billion (EGP 16 billion), which will cover both purchases of imports and domestic crops. So far in the current year, the government reports that it has purchased 3.42 MMT of local wheat for $1.3 billion (out of a total budget of $1.4 billion). According to the government, the country's current wheat stocks on hand are about 5 MMT and are sufficient to cover all demand for six months. The government also reported that the quality of wheat it acquired this year is much improved over the previous year's wheat. As a result, less imported wheat will be required for blending to increase flour quality.With the newly e...