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daf bit: Bava Batra 90
The rabbis consider hoarding of food (specifically fruit) to be in the
same category as lending money on usury and reducing the size of one's
measures (to cheat the buyer). Rab said that a person may store produce
he grew himself (rather than buying); however, he may not hoard life's
necessities (wine, oil, flour). Even so there is a limit; in Eretz
Yisrael one may store produce for three years, to cover the current
year, the sabbatical year to follow, and the year folowing that.
And in years of famine one may not hoard even carob. (90b)
(If you have never eaten carob, let me just say that your theoretical understanding of the last sentence is limited. :-) )

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Joseph advised the Pharaoh to store seven years of grain against famine.
Is the difference that one is hoarding for oneself, and that is forbidden, and the other is hoarding for the community, which may be seen as needful?
Caveat: I of course base this on the story as presented in English in the Protestant tradition. Your text may vary in some significant detail?
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FWIW, a number of commentaries I've read claim that Yosef's actions were in fact contrary to Torah, but with the specific goal of revealing Pharaoh and the priests as corrupt. ("The plural of anecdote is not data" warning: they're all of the liberal Jewish strain, and quite possibly all derived from a single source.)
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The rabbis (by my reading) seem to be concerned about the effect your hoarding has on the community. As you pointed out, in this case the hoarding was on behalf of the community. (Though they still had to purchase the grain.)
In the case of Joseph God was involved (causing the dreams and giving Joseph the ability to interpret them). That probably changes things. :-) (I don't know whether Joseph's answer is held to be from God too, or if that was his own thinking.)
Egyptians aren't obligated to Jewish law.
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