Wheat stocks reach 6.9m tons, prices fall

November 03, 2023 (MLN): Pakistan’s wheat reserves were recorded at over 6.934 million metric tons as of the start of November 2023, the latest data issued by the Ministry of National Food Security and Research showed.

This amount is sufficient to tackle local dietary needs, besides keeping the strategic stocks as well as maintaining supply and demand smooth in local markets to provide the commodity at reasonable prices, it reported.

Out of the total stocks, Punjab's wheat reserves comprised over 4.021m tons, Sindh has 0.817m tons, whereas Khyber Pakhtunkhwa has 0.227m tons of grains that were enough to meet local consumption of flour and other byproducts during the season.

Baluchistan has 0.089m tons of wheat, whereas the wheat stock of Pakistan Agriculture Storage and Supplies Corporation (PASSCO)  was recorded at 1.78m tons, it added.

"These reserves are poised to meet the country's vital requirements till May 2024 and after this period, the commencement of the new crop harvest season will see a surge in grain availability in local markets, further bolstering the carry-forward stocks," it further added.

Meanwhile, the government has encouraged and supported the private sector to import wheat as so far about 0.7m tons of wheat have been imported, whereas an additional 1.2m tons of wheat are to be imported in order to ensure smooth demand and supply till the arrival of new crop.

It is worth mentioning here that due to the smooth supply of wheat, the commodity price in local markets came down from Rs4,800 per 40 kg to Rs4,300 per 40 kg, adding that it is expected that the wheat price would further reduce and facilitate the common man in the country.

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