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Iran records rise in wheat prices

Business Materials 6 September 2021 14:05 (UTC +04:00)

BAKU, Azerbaijan, Sept. 6

By Elnur Baghishov – Trend:

The price for guaranteed purchase of wheat from farmers in Iran for the next planting year (September 23, 2021 through September 22, 2022), has increased by 50 percent, Deputy Minister of Industry, Mine and Trade, and the CEO of Government Trading Corporation of Iran, Yazdan Seif said, Trend reports citing the corporation’s information portal.

According to the deputy minister, the price of 1 kg of wheat for next year is set at 75,000 rials (about $1.78). Meanwhile, this figure stood at 50,000 rials (about $1.19) in the current year.

Seif added that about 4.52 million tons of wheat have been purchased from farmers in Iran under a guarantee since March 31, 2021 and money for purchased wheat has been paid in full.

The CEO expressed hope that the volume of wheat to be purchased from farmers in the country will increase next year.

Reportedly, it is forecasted that more than 9 million tons of wheat will be purchased in Iran in the current Iranian year (from March 20, 2021, through March 20, 2022). The price of 1 kg of wheat was set up at 50,000 rials (about $1.19) for the current Iranian year.

Wheat has been planted on 6.15 million hectares of land in the current Iranian year. This is an increase of 2.3 percent compared to the last Iranian year (from March 20, 2020, through March 20, 2021).

The guaranteed purchase of wheat from farmers in Iran will continue until November 21, 2021.

A number of products, including wheat, tea, rice, and other products are purchased from farmers by GTC under a guarantee in Iran.

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