The top buyer of wheat in South Asia is leaning toward increasing acquisitions this year by 19 percent in the aftermath of prices dropping to their lowest in eight months, according to Bloomberg.
Procurement director Badrul Hasan with the Directorate General of Food in Bangladesh said purchases are poised to climb to 2.1 million metric tons by the end of June 30, which would mark the end of the year. Totals amounted to 1.77 million tons one year prior.
"Falling prices in the global markets may encourage traders to buy more from overseas in the coming months," chairman Abul Bashar Chowdhury with BSM Group in Chittagong told the news source on Wednesday. "The cost will be comparatively low if we purchase wheat from India."
At 9:56 a.m. on Wednesday, wheat futures rose 0.76 percent, a 0.055-cent increase to $7.275 per bushel.
Wheat experts in Pakistan and scientists in the U.S. are merging efforts to augment the harvest of the grain in Pakistan and work toward providing for an increased amount of prosperity to farmers throughout the country, according to The Nation.
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