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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Iraq achieves abundance in wheat crop, but the government suffers losses

    Rocky
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    Iraq achieves abundance in wheat crop, but the government suffers losses Empty Iraq achieves abundance in wheat crop, but the government suffers losses

    Post by Rocky Sat 12 Oct 2024, 4:46 am

    Iraq achieves abundance in wheat crop, but the government suffers losses

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    Economy News - Baghdad
    [rtl] Iraq's bumper wheat crop and huge grain surplus are leaving the government with a net loss of about half a billion dollars, Reuters calculations show.[/rtl]
    [rtl]The surplus wheat crop of 1.5 million tons, helped by better than expected rains and, more importantly, government support, is good news for farmers, but for the government the price is high.[/rtl]
    [rtl]The government pays farmers more than double the world market price to encourage the cultivation of staple foods, often in arid conditions.[/rtl]
    [rtl]According to the calculations, based on official figures and conversations with more than a dozen government officials, farmers, millers, analysts and exporters, the government will incur a loss of $458.37 million once it pays farmers, assuming it is able to sell the surplus to private mills in Iraq at an agreed price.[/rtl]
    [rtl]An official Iraqi report issued last August showed that wheat production in Iraq increased by 21% this year, reaching 6.3 million tons, which makes it the second year in a row that it achieves self-sufficiency in this vital crop.[/rtl]
    [rtl]“Unusually heavy rains” and modern irrigation techniques contributed significantly to this year’s crop increase, said Haider Nouri al-Gharawi, director general of the Iraqi Grain Board, in an interview with Bloomberg last August.[/rtl]
    [rtl]Iraq's wheat production reached about 5.2 million tons last year. The country's production depends largely on rainfall and water flows from the Tigris and Euphrates rivers.[/rtl]
    [rtl]The Iraqi government runs a subsidy program that distributes 4.7 million tons of wheat annually to citizens, and buys local wheat at a price nearly double the world price to encourage local farmers to increase production.[/rtl]
    [rtl]Al-Gharawi pointed out that the surplus of wheat this year, which amounts to about 1.5 million tons, will be sold to local private mills to be converted into flour.[/rtl]
    [rtl]In recent years, Iraq has imported wheat from the United States, Australia and Canada to meet its needs, but with increased domestic production this year, it appears that the need for imports may decrease significantly.[/rtl]


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