Saturday, May 25, 2024

Sindh has adequate wheat stock to meet existing demand

Sindh province has adequate wheat stock to meet the existing demand till the arrival of next crop, traders said on Monday. Talking to Business Recorder they said that presently Sindh has some 0.113 million tons wheat stock in its godowns and recently the Sindh food department has also issued delivery orders of over 100,000 tons wheat quota to flour mills across the province. This quota will be sufficient for next 15 days.
“New wheat crop is almost ready in several parts of Sindh and regular supply is likely to arrive in next few days as harvesting has already begun in some districts”, said Hashim Sharja Wala, a leading wheat trader. There is neither panic nor wheat crisis in the market as sufficient wheat stock is available in the province. Even wheat grain prices are stable at Rs 39,000 per ton from last one month, he added.
Presently, wheat is being traded at Rs 39,000 to Rs 39,250 per ton in open market, while Sindh food department is supplying commodity to flour mills at a price of Rs 30,000 per ton, he mentioned. With the arrival of new crop, wheat grain prices in the domestic market are likely to face a drastic cut in next few weeks; he said and added that wheat harvesting has started in some parts of the province, where wheat crop is ready. However, arrival will increase after harvesting and thrashing in the belt of Dadu and MirpurKhas, Hashim mentioned.
Sindh has adequate wheat stock to meet existing demandHe said that some trucks of new wheat crop have also arrived in the market and commodity was traded at Rs 35,000 per ton, due to some moisture. “We are expecting wheat prices will decline to Rs 35,000 in next 10 day, when proper supply of new wheat crop will begin”, Hashim said.
Sindh government has planned to procure some 1.3 million tons this year to build its strategic reserves and Sindh food department has taken several steps to avoid any speculation in the market.Sindh government may impose an inter-district ban on wheat movement aimed to complete its procurement, he added.
“Presently, prices are higher than wheat support price of Rs 1200 per maund or Rs 30,000 per ton, but I m sure that wheat prices will gradually decline after arrival of new crop in the market and price is expected to be around Rs 30,000 to Rs 31,000 per ton by the end of this month”, Hashim said.
Talking about the Thar famine, he said, this is only due to mismanagement and distribution/ transportation issues and there is no shortage of commodity in province. He said that as per food department they have distributed over thousands of wheat bags among masses of Thar in the last three days.
He said that during the last crop season, Sindh has failed to achieve its procurement target and some 1.05 million ton wheat was procured as against target of Rs 1.3 million tons. However this year, wheat procurement target will be achieved as Sindh will have a bumper wheat crop.
Akhtar Hussian, a leading flour miller, said that presently mills are getting some 300 bag per day from food department and there is no wheat crisis in the province. He said that new crop will arrive in the market from March 15 and after that stock position will further improve.

Source: Business Recorder

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