# Egypt's poultry sector reels from currency turmoil, driving up prices

> Egypt's poultry sector is under strain from currency turmoil and accelerating food inflation. The government has increased imports of corn and Brazilian chicken and offered incentives for local farming and early Ramadan discounts.

- Date: 2023-03-27 · published 2023-03-27T12:00:00.000Z
- Category: macro · region Egypt · magnitude low
- Page: https://feedsoft.ai/events/37020-egypt-s-poultry-sector-reels-from-currency-turmoil-driving-up-prices
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Chicken](https://feedsoft.ai/c/CHICKEN.md), [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

Egypt's large corn import program supports demand for US and Black Sea corn, while the currency-driven cost squeeze raises the risk of weaker feed buying if producers cut flocks.

## Read by commodity

- CORN: bullish ▲
- USDCNY: neutral
- CHICKEN: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2021-05-01 | [Why prices of commodities, from metals to food, are soaring](https://feedsoft.ai/events/11301-why-prices-of-commodities-from-metals-to-food-are-soaring.md) | +2.8% | -6.2% |
| CORN | 2026-10-29 | [CoBank: value-added chicken products driving growth in U.S. poultry industry - Brownfield Ag News](https://feedsoft.ai/events/2143-cobank-value-added-chicken-products-driving-growth-in-u-s-poultry-industry.md) | -1.5% | — |
| CORN | 2023-04-26 | [Argentina: A desperate search for a door as currency tumbles \| AP News](https://feedsoft.ai/events/36674-argentina-a-desperate-search-for-a-door-as-currency-tumbles-ap-news.md) | -2.1% | -5.4% |
| CORN | 2023-01-03 | [How Consumers and Businesses are Reacting to Food Price Inflation - Euromonitor.com](https://feedsoft.ai/events/12190-how-consumers-and-businesses-are-reacting-to-food-price-inflation-euromonitor.md) | -2.2% | -1.0% |
| CORN | 2022-04-25 | [High fertilizer prices contribute to rising global food security concerns \| IFPRI](https://feedsoft.ai/events/41764-high-fertilizer-prices-contribute-to-rising-global-food-security-concerns-ifpri.md) | +0.4% | -2.0% |
| USDCNY | 2019-11-22 | [Pricey currency exchange \| Merics](https://feedsoft.ai/events/56296-pricey-currency-exchange-merics.md) | +0.0% | -0.3% |
| USDCNY | 2022-03-04 | [As China’s yuan gets stronger while Ukraine crisis drives up raw material prices, exporters shy away from US dollar \| South China Morning Post](https://feedsoft.ai/events/42484-as-china-s-yuan-gets-stronger-while-ukraine-crisis-drives-up-raw-material.md) | +0.0% | +0.3% |
| USDCNY | 2018-11-14 | [US-China trade war: Tariffs spur record dollar-yuan currency trading](https://feedsoft.ai/events/62265-us-china-trade-war-tariffs-spur-record-dollar-yuan-currency-trading.md) | -0.1% | -1.1% |

## Sources

- reuters.com: https://www.reuters.com/world/africa/egypts-poultry-sector-reels-currency-turmoil-driving-up-prices-2023-03-27/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.