Iran to offer wheat on Mercantile Exchange, potatoes may come next
Tehran, Iran, Dec.29
Iranian Agriculture Ministry has approved to offer the country's wheat production at the Iran Mercantile Exchange.
"It has been approved that the country's whole wheat production would gradually being offered at the Mercantile Exchange", said the Deputy Agriculture Minister Abbas Keshavarz, Trend reports citing Tasnim.
"The implementation of guaranteed purchase price policy for corn and oat in commodity exchange has been in favor of the producer and the owners of livestock industries, and all the consumer groups in general, therefore the ministry are agreed to offer the whole wheat product of the country at the Mercantile Exchange, however due to its high volume it would become profitable for farmers, production units and the government in three years," he said.
"The start might not be easy, but implementation of guaranteed purchase policy in commodity exchange was among the successful plans in agriculture sector in recent years in a way that the government had no concern over implementation of guaranteed purchase policy regarding corn, offering oat at exchange was successful as well, therefore wheat would be offered at the exchange so the industrial units can purchase their supply there," he added.
"All 11 million tons of wheat would be offered at the exchange," said the official. "It is expected that industrial units, including biscuits, sweets and pasta factories would purchase their needs at the exchange, instead through wheat imports as was done previously," Keshvarz noted.
"If the wheat offering via the Mercantile Exchange works out, the government might also purchase wheat there," he said.
"It should get better. There are even suggestions to offer potatoes at the exchange. The exchange has win-win conditions for all sides , it would be in favor of consumers and producers," said Keshvarz.