News Updates EGYPT UPDATE As mentioned last week, the Egyptian government reported it has purchased 2.6 MMT of local wheat and is getting closer to its 3 MMT target. With the local crop and the recent level of imports, the government says the country should have about six months of wheat reserves on hand, although others estimate a maximum of three months. GASC puts the reserve stocks at 4.7 MMT.According to budget figures, the government's bread subsidy is expected to reach a record high this year, close to a 50 percent increase over last year's subsidy. For 2012/13 the Egyptian government budgets for about $24 billion on subsidies, about 20 percent of which are for food items and 60 percent for bread or wheat subsidies. Close to 50 perc...