Iran (IMNA) - Since the beginning of this year's harvest in April, according to the CEO of Iran's Government Trading Corporation (GTC), the company has purchased about 3.5 million metric tons (mt) of wheat from local farmers.
According to Saied Raad, the purchases were 30% more than they were during the same time in April–June 2022.
Raad said the government has spent some 256 trillion rials ($512 million) to settle payments related to nearly half of the wheat purchased from domestic farmers this year.
Iran is expecting a major surge in domestic wheat output this year. The Iranian agriculture ministry’s guaranteed purchase program offers farmers 150,000 rials ($0.3) for each kilogram of wheat they deliver to GTC silos.
According to government officials, they may import wheat from other countries for less money than what is being paid to local farmers.
They assert that preserving wheat self-sufficiency is essential to Iran's food security plans, particularly at a time when trade limitations are in place as a result of American sanctions.
According to estimates, Iran's total wheat production might increase to 14.5 million metric tons (mt) this year from the 13.2 million mt reported in 2022. With resources totaling 1,200 trillion rials (2.4 billion), the GTC intends to purchase at least 8 million mt of that produce up to the conclusion of this year's harvest in late July.
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