The Strategist

Iraq to make $100m emergency wheat purchase amid rising prices

03/08/2022 - 04:00

Iraq intends to buy around three million tonnes of wheat to build a strategic reserve amid rising wheat prices due to the crisis in Ukraine, the country's trade ministry said on Tuesday night.

The Cabinet of Ministers approved support to the Ministry of Trade through the urgent allocation of $100 million to buy imported wheat to build a strategic stockpile.

The ministry stressed that it had prepared a plan to ensure food security for Iraqis and combat the global rise in wheat prices related to "the crisis between Russia and Ukraine, which provides a third of the world's wheat, oil and corn supply."

Various measures are also planned to support Iraqi farmers.

Earlier, the price of wheat on the Chicago exchange rose to its highest in almost 14 years and corn rose to its highest in nine years because of risks of supply disruptions due to the situation in Ukraine.