Economy, Domestic Economy
0

Gov’t Wheat Purchases Near 11m Tons

Gov’t Wheat Purchases Near 11m TonsGov’t Wheat Purchases Near 11m Tons

Since the beginning of the harvest season in March the government has bought more than 10.9 million tons of wheat worth 13.9 trillion rials (more than $3.92) from local farmers – 40% more than the corresponding period last year, according to the Ministry of Agriculture. Khuzestan in the south with 1.39 million tons, Golestan in the north with 1.35 million tons and Fars in the southwest with 899,000 tons top the list of provinces where the purchases were made, IRNA reported. Every year the government buys wheat at guaranteed prices from local farmers in order to build up its strategic reserves and control prices in the domestic market. In last fiscal year that ended in March, 11.5 million tons of the grain was produced of which 8.08 million tons were purchased by the government. This year’s production from 6 million hectares of rain-fed and irrigated land is estimated to exceed 13 million tons – a record high in recent memory.

 

Financialtribune.com