March 21, 2012

Food Contract Corp eyes higher grain purchase prices

Nation Food Contract Corp. is seeking to raise grain purchase prices up to KZT23,000 (US$156) per tonne, according to the company chairman Baybithan Kabdrakhmanov.

Presently, Food Contract Corp. pays KZT21,000 (US$142.12) per  tonne. The company also declared that it would be ready to buy as much grain as farmers want to sell. Kazakhstan is one of the largest grain exporters in the world.

The country harvested 27 million tonnes of grain in net weight last year and its grain exports potential is estimated at 15 million tonnes in current marketing year. Food Grain Corp. purchases grain to stabilise the market.