Saudi’s state grains buyer SAGO said on Thursday it has approved an exceptional increase in its local wheat procurement price of 100 riyals ($26.63) per tonne.
SAGO had set a price of 1,440 riyals per tonne and the change comes as the state “seeks to empower licensed wheat farmers in light of recent developments in global prices and an increase in the cost of their inputs.”
The organization purchases local wheat from farmers per a previous cabinet decision which stipulates that SAGO shall procure wheat from farmers who decide to grow it instead of green fodder.
Earlier in December, SAGO announced that it has completed procedures for the seventh and last tender of imported wheat for 2021, amounting to 689,000 MT of wheat.
