Wheat exports may stop due to price anomaly

KARACHI: Wheat Traders Association of Pakistan said wheat export might stop due to price anomaly. Wheat exports from Pakistan touched figure of approximately 1.3 to 1.5 million tonnes by sea and expected to touch 1.8 million tonnes.

According to a press release an anomaly has been created with international markets taking a steep fall and domestic market increasing. Black Sea prices have touched $250 FOB/MT. Last Pakistani sales are down to $305/MT FOB Karachi and further sales did not seem viable.

In view of current pricing it is difficult for exporters to enter into new contracts. The government should watch the situation very carefully in view of reports that there are ample wheat stocks in Sindh and Punjab provinces. This stock is under potential threat of rains and floods.

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