Mostakbal Misr (the state grain purchasing agency in Egypt) has signed major wheat contracts with strategic French and Romanian partners as part of an overall push to diversify the supply and stabilize imports amid global uncertainties, it announced on Wednesday.

The agency has said that it is no longer dependent on traditional regions for sourcing and holds a leading position in the global supply routes including South America and Australia.

Egypt, one of the world's largest wheat importers is adapting to rising geopolitical risk and volatility in Black Sea supply, especially from Ukraine and Russia.

Deferred purchases are a key part of the agency's strategic plan, according to which they can anticipate market changes and ensure cargoes for optimal prices while maintaining stability in supply.

Egypt received large quantities of wheat and vegetable oil from multiple sources around the world in May. The agency described Egypt's supply chains at this time as "strong, constant, and expanding."

(source: Reuters)