According to sources for “Al Fajr,” the cotton sale in Fayoum was postponed today, Sunday, for the second time in two weeks due to participant objections to the auction price, which ended at 3,300 pounds while the auction was scheduled to begin at 3,267 pounds.
According to the “sources,” the farmers’ refusal occurred for a second time in Fayoum, where corporations only managed to sell kantars for 3900 pounds after starting the previous auction with 3603 pounds per kantar.
Because of the farmers’ refusal to finish the auction due to the low kantar selling price, the auctioneers were forced to call it off. With Ratiba Mahmoud, Chairman of the Board of Directors of the Misr Cotton Trading and Ginning Company, and the system’s head, the Undersecretary of the Ministry intervened right away and addressed the issue in favour of the farmers.
How the state assists Egyptian farms and cotton production
The support for cotton farmers is part of the state’s agricultural policy to help farmers and advance agricultural crops, according to President Abdel Fattah El-directives, Sisi’s Mr. Al-Qusair, Minister of Agriculture and Land Reclamation, and Dr. Mostafa Rashid, Undersecretary of the Ministry of Agriculture in Fayoum, who stressed this point.
Fayoum’s governor, Ahmed Al-Ansari, will conduct a public auction Farmers are given the opportunity to observe the auction proceedings in public, where they can confirm that the state’s attempts to avoid selling raw cotton as it did in the past years will be advantageous to both the farmer and the state.
It is noteworthy that the last auction’s price was increased to 4200 pounds per quintal thanks to the Undersecretary of the Ministry of Agriculture’s intervention, which resulted in an agreement between the farmers and the purchasing businesses. According to the new cotton trading method, the beginning of the auction was decided based on the price of American pima cotton and the global cotton exchanges.
Engineers Ali Massad, Director General of Agricultural Affairs, Zainhom Ashour, Director General of Agricultural Extension, Ezzat Qandil, Director General of Agricultural Cooperation, Fatima Gad, Media and Public Relations Officer for Agricultural Research, Badawy Abdel Wanis, System Director in Fayoum and Upper Egypt, Masri Abdel Salam, Cotton Trade Regulatory Committee, and Engineer Magdy Fathi were also present. The arbitral tribunal and Engineer
14 businesses are a member of the arbitration panel headed by Ajami Muhammad.
The new cotton trading and trading mechanism, he continued, had greatly benefited farmers and farmers and had contributed to the increase in cotton prices. This is a significant support for the farmer and helps to expand cotton farming during the upcoming seasons. He also noted that the opening of auctions is based on international prices, specifically the selling price of American pima pieces.
When will the new method for trading cotton be put into place?
He emphasised that the new cotton trading system, which depends on the selling of cotton through the auction system in collection centres in each administrative centre in the governorate according to the cultivated regions, is currently being implemented for the fourth consecutive year. to put it up for bid between trading firms.
The system’s goals include regulating and enhancing the cotton trading process, maintaining its integrity and high standards, and boosting its worldwide competitiveness while maximising the farmer’s return on his cotton through auction.
a second auction being called off. Egypt’s adoption of the new cotton trading system
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