Economy, Business And Markets

Gov’t to Purchase More Wheat

Gov’t to Purchase More Wheat Gov’t to Purchase More Wheat

The government has projected the purchase of up to 10 million tons of wheat from domestic farmers in the coming Iranian year (to start March 20), 24% more than the amount purchased in the current year, said Deputy Agriculture Minister Ali Qanbari. As much as 13 trillion rials (over $3.7 billion at market exchange rate) should be allotted to wheat purchases, the official was quoted as saying by IRNA. Qanbari said the government is willing to pay 10% more than the current $0.25 per kilo global price of the grain to farmers, as part of supportive policies aimed at increasing annual wheat production. Iran bought 8.08 million tons of wheat from local farmers in the current crop year, showing a 1-million-ton surge compared with the previous year. The figure marks a record high in the past 10 years. Hojjati had earlier said the government is planning to gain wheat self-sufficiency by improving yields. Iran was ranked 11th biggest producer of wheat worldwide in 2015 for the third consecutive year, according to a recent report by the Food and Agriculture Organization of the United Nations.