Iran raises guaranteed purchase price for wheat by 40%
Iran has raised its guaranteed purchase price for domestically grown wheat by 40% for the next harvesting season.
A Thursday report by the IRIB News said that the Council for Pricing of Agricultural Products, which is a subsidiary of the Ministry of Agriculture Jihad (MAJ), had agreed to raise next year’s domestic purchase price for wheat to an average of 285,000 rials ($0.25) per kilogram.
The prices Iran offers for domestic wheat are normally higher than average international rates. It comes amid the government's efforts to increase domestic purchases of grains to cope with the continued crunch in global markets.
The domestic wheat production in Iran fell by 5 million mt or 31% to nearly 11 million metric tons (mt) year on year in the April-August harvesting season,
That comes as the government’s purchases of locally-produced wheat also declined by 4.4 million mt or 36% to 7.6 million mt over the same period.
The value of wheat purchased from Iranian farmers was around 1,600 trillion rials ($1.45 billion) this year, according to figures from the MAJ and its subsidiary, the Government Trading Corporation (GTC)
Iran spent more than $3 billion last year to buy nearly 12 million mt of wheat from its farmers.
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