September 30, 2008

Pakistan hikes wheat support price

Pakistan on Monday (September 29, 2008) increased the minimum procurement price of wheat to PKR 950 per 40 kg from PKR 625 and set a production target of 25 million tonnes for the next crop.

The new price will be available for the coming crop due in February 2009, said the Pakistani prime minister, Yousuf Raza Gilani.

Pakistan produced 21.8 million tonnes of wheat last year harvested in February 2008 and is in the process of importing 2.5 million tonnes to meet the current year's domestic demand of 24.5 million tonnes.

In addition, Pakistan plans to import 800,000 tonnes of wheat before February 2009, when the new crop will be available in the local market, a government statement said Wednesday (September 24, 2008).