April 19, 2007

Pakistan's wheat exports could push prices down
 

Another major export competitor is emerging on the world wheat market this year as Pakistan is seeing record production this season.

The country expects to sell 800,000 metric tonnes of wheat by mid-June as a result of the exceeding 2.5 million tonnes from its 23 million tonnes harvest.

It would be the first time in four years that Pakistan is exporting wheat in competition with major exporters like the US, Australia and Canada. The report says the additional player may have a downward effect on world prices that are about 29 per cent higher than a year ago.