Punjab to procure 1m tonne more wheat.
LAHORE -- As expected, the Punjab government has increased its wheat procurement target by another million tonnes - from 3.5 to 4.5m tonnes - and hopes to take its total stock close to 5m tonnes, including 450,000 carryover, if not beyond it.
Given the crisis in Black Sea region and difficulty in import from Russia and Ukraine, which take care of over 80 per cent imports during the stress season, Punjab had been feeling insecurity with regular stocks.
The first major decision by Chief Minister Hamza Shehbaz after taking over on April 30 was to raise the target by one million tonnes. The Punjab Food Department, on its part, never terminated buying spree even after completing 3.5m tonnes and had since been purchasing: slowly but stayed in the market even during the Eid holidays and has already hit 4m tonnes by Thursday. It has now close to 4.5m tonnes in its coffer if carryover stock is included in the tally.
'Effectively, the department now has to procure another 500,000 tonnes to meet its new target,' explains a high-ranking official. However, it would not get out of market as long as keep getting the commodity, even if means purchasing 300,000 to 400,000 tonnes more.
Ukraine crisis prompts govt to be particular about food security
The millers, according to their own record, had so far purchased close to 860,000 tonnes. If they continue purchasing, as they have been allowed through permits, and get close to 1.5m tonnes, the province could end up somewhere close to 6.5m tonnes and it should be comfortable by any stretch of imagination.
The department thinks that imports from the Black Sea region would not be possible this year for two reasons: price and sanctions. International prices have already gone beyond Rs4,000 per maund in local denomination...
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