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TMO to procure 5.5 mln tons of wheat in 5 months
The price of wheat per ton will gradually increase to TL 580 by November.
Speaking to reporters at TMO headquarters in Ankara, Eker said the government has allocated TL 3 billion for wheat procurement this year. Eker said the TMO would resell the wheat to the domestic market starting from the beginning of November.
The TMO will sell wheat to the market for TL 645 per ton, he explained.
Regarding developments in global wheat markets, Eker said they expected to see global demand increase by 7 million tons over 2009.The minister noted, however, that international institutions expected global wheat production to drop by around 16 million tons in the same period. The price for per ton of wheat currently stands at $191 in global markets.
Eker recalled that the TMO intervened in the wheat market following a swift drop in prices last year. The minister said the harvest began relatively earlier this year in the southeastern Anatolian, Mediterranean and Aegean regions and that the TMO started buying wheat from producers on May 17 instead of June 1. Informing reporters that the state has procured 40,000 tons of wheat since the start of this year’s harvest, Eker said the harvest has gone even better than expected so far.
Meanwhile, Eker said the government planned to extend a temporary ban on wheat imports, which was earlier announced to be in place from May 1 and Sept. 15, to one year. “We already have millions of tons of wheat in storage. Turkey is the world’s largest wheat flour producer. … Wheat imports will be halted until May 2011,” he added. Eker called on producers to reap the benefits from the “favorable” prices introduced by the TMO.
Evaluating Eker’s announcement, Bandırma Chamber of Commerce President Halit Sezgin told the Anatolia news agency on Wednesday that the prices announced by the TMO were “acceptable.” “We all know about production costs, and the prices are favorable,” he explained. Sezgin said they expected a 2 million ton decrease in the wheat harvest this year over 2009 due to excessive precipitation and high temperatures and added that this could have a negative impact on prices in the market.
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