Iran may purchase up to 3 million tonnes of wheat as quality of domestic crop in question, analyst says; Iran's wheat output may fall 11% to 13.75 million tonnes in 2012
March 27, 2012
– The uncertain quality of Iran’s wheat crop may be spurring indications the country plans to increase imports of grain, according to Macquarie Group Ltd., Bloomberg reported March 27.
Iran is planning to purchase up to 3 million tonnes of wheat, according to India’s Agricultural and Processed Food Product Export Development Authority. That amount would be more than 20% of the U.S. Department of Agriculture’s projection for Iran’s harvest this year.
Iran’s large grain purchase seems to be an indication of an impending quality problem in the upcoming months, according to Christopher Gadd, analyst at Macquarie.
Wheat output in Iran could slide 11% to 13.75 million tonnes this year, while imports nearly double to 1 million tonnes, according to the USDA.
The primary source of this article is Bloomberg, New York, New York, on March 27, 2012.