The Board of Directors of the Grain Corporation in Saudi Arabia agreed to exceptionally increase the purchase price of local wheat for the agricultural season (1444/1443 AH), by 100 riyals per ton, to be added to the approved purchase price set at 1440 riyals per ton.
The corporation explained in a statement today, Thursday, that the exceptional increase in the purchase price of local wheat comes within the framework of the Kingdom’s keenness to enable licensed farmers to grow wheat in light of recent global price developments, in addition to the rise in production input prices.
It is noteworthy that the Corporation’s purchase of local wheat from farmers comes in implementation of the Cabinet’s decision regarding the controls to stop the cultivation of green fodder, which included that the General Grain Corporation purchase wheat from farmers if they choose to grow wheat instead of green fodder, for a period of five years, not exceeding 1.5 million tons per General, at prices determined by the institution, guided by the prevailing international prices.
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