When one thinks of Egyptian products, Pima cotton comes to mind.
"You know the kind that makes you feel like you're sleeping on butter," says Suzanne Johnson of First Capital Group. But she says that Egypt is a small producer in the big scheme of things. "If it were India, maybe I'd be concerned," said Johnson. So cotton should not be affected by this.
However, wheat prices are falling on the political unrest. According to the U.S. Commercial Service, Egypt is one of the world's largest consumers of wheat and a key market for U.S. wheat farmers.The U.S. wheat, corn and soybean market is roughly $2 billion a year, and wheat has already fallen 2.4% on fears of less purchasing. That isn't expected to last for long. While in the near term there may not be a governmental mechanism to purchase wheat, it's expected that eventually people will need the grain and the market will open back up. Archer Daniels Midland (ADM ) was trading up on Monday, whereas ConAgra (CAG ) was off slightly. --Written by Debra Borchardt in New York.
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