With wheat prices shooting up worldwide, Egypt, the world’s top grain importer, is squeezed between price hikes and growing demand. Egypt's grain reserves are now at 2.9 million tonnes, enough to cover 117 days, as opposed, according to the government, 4.7 million tonnes of wheat, or six months’ supply in June. A fuel shortage has worsened the problem, because farmers can’t obtain enough diesel to run irrigation pumps and agricultural equipment, analyzes the Spengler columnist, David P. Goldman.
Egyptian grain reserves continue to drop - fuel shortage hastens the decline
UPDATED 0:59 AM EST, November 13, 2012