Saudi Arabia’s SAGO to reimburse local farmers for any wheat price increase

Published: Updated:
Read Mode
100% Font Size
1 min read

Saudi Arabia’s state grains buyer (SAGO) will reimburse local farmers for any wheat price increase if it had awarded international tenders at a price exceeding the approved one, SAGO said on its website on Sunday.

For the latest headlines, follow our Google News channel online or via the app.

The decision will cover those local farmers who supplied wheat during this current agricultural season.

The decision came after SAGO’s board of directors agreed to review the purchase price of wheat from local farmers for the current procurement season that ends in October, SAGO said.

Last week, the grains buyer bought 495,000 tonnes of wheat in an international purchasing tender for shipment from November 2022 to January 2023, with the average price at $441.93 per tonne.

SAGO’s board of directors had previously approved two increases in the local wheat procurement price during the current agricultural season, in line with the rise in international prices, the organisation added.

In March, SAGO approved an increase in the local wheat procurement price to 1,700 riyals ($453.04) per tonne for the current season.

Read more:

Egypt’s strategic wheat reserves sufficient for 5.7 months: Supply minister

Egypt to receive $500 million from World Bank to boost food security

Ukraine grain exports capped at two million tons a month if ports remain blocked

Top Content Trending