Wheat is considered a major staple food, particularly in Asian regions, as it serves as a major source of carbohydrates, protein, and fiber. It is often used to make bread, chapattis, and other baked goods.
In Pakistan, the wheat crop mainly comes from Punjab province where a major portion of land for it. Reports suggest that wheat production is expected to drop by 3.5 million metric tons, or 11.1%, this year due to various reasons.
The situation would force the government to import wheat to meet local requirement and it can potentially affects the wheat prices in local market ahead of new crop yield.
Previously, the federal and provincial governments announced the wheat support price to facilitate the farmers. However, it has been stopped due to a condition imposed by the International Monetary Fund (IMF).
Meanwhile, the Pakistan Business Forum (PBF) has urged the government to announce the wheat support price for the ongoing crop year. It has asked the government to implement the IMF conditions from next year.
Wheat Price in Punjab Update
Currently, the wheat is available in open market from Rs2,600 to Rs2,900 per 40 kilogramme. However, it is being reported that the wheat price could hover between Rs3,000 and Rs3,200 for the upcoming crop.
