Iran’s Government Trading Corporation (GTC) has purchased 220,000 tons of wheat worth about 25.6 trillion rials (about $608 million) from farmers under a guarantee in the Ardabil Province (north-western Iran), since the beginning of the current wheat harvesting season (started on March 24, 2022), in the country, Director General of the GTC’s branch in Ardabil Province Ali Nobakht said, Trend reports citing the corporation’s website.
This is an increase of 30 percent in volume compared to the same period last season, the official said.
According to Nobakht, so far, 17.2 trillion rials (about $410 million) has been paid to farmers in the province for purchased wheat.
“Moreover, 4,410 tons of rapeseed worth 1.03 trillion rials (about $24.5 million) have been purchased from farmers in the province within the mentioned period,” he added.
Wheat is purchased from farmers in Iran in two forms - on basis of contracts and under a guarantee.
In general, 9 million tons of wheat are expected to be purchased in Iran in the current Iranian year (from March 20, 2022, through March 20, 2023). Of this, about 7.3 million tons are expected to be purchased by the GTC.
The price of 1 kg of wheat was set up at 115,000 rials (about $2.74), while 1 kg of rapeseed – was at 150,000 rials (about $3.57 million) for the current Iranian year.
A number of products, including wheat, tea, rice, and other products are purchased from farmers by GTC under a guarantee in Iran.