Iran increases guaranteed price for purchase of wheat

Finance Materials 9 September 2022 14:29
Tehran, Iran Trend News Agency
Iran increases guaranteed price for purchase of wheat

Iran has increased its guaranteed price for purchasing wheat from farmers for the next crop season, said the Minister of Agriculture Javad Sadati Nejad, Trend reports citing Mehr News Agency.

The price for guaranteed purchase of wheat increased to 115,000 rials (about $2.7) per kilo in addition to 150,000 rials($3.5) cultivation subside that would partly include fertilizers and seeds, he said.

He pointed out the government has launched a pilot plan for contract farming on 250,000 hectares of land in the last Iranian year (started on March 21, 2021).

The price of wheat was 75,000 rials (about $1.7) per kilo in July 2021 which increased in March 2022 to 105,000 rials (about $2.5) leading to the purchase of 11 million tons of wheat from farmers.

According to the official, the country has increased dry farming to 1.5 million tons in 2.6 million hectares of land, in addition, to increase of rice production by 205 percent.