July 6, 2004

Pakistani Wheat Prices Remains Static

Wheat prices have yet not reduced despite an international tender issued on Monday by Pakistan's state-run grains agency issued for the purchase of 500,000 tonnes of wheat.

The tender has been floated as part of government plans to import one million tonnes of wheat this year to build strategic reserves, a senior official at the Trading Corporation of Pakistan (TCP) said.

"Wheat prices have risen up from rupees 11 to rupees 12 per kg, as a result of which purchasing of wheat from Punjab has been banned", said Anees Majeed, General Secretary of Karachi wholesale Market Association.

He informed that Iqtasadi Rabita Commettee had directed last week to Trading Corporation of Pakistan (TCP) to issue an international tender for import of 500,000 metric tons of wheat to meet domestic requirements.

"This heavy chunk of wheat consignment will begin arriving Pakistan in the end of September this year, he said.