Temporary Suspension of Wheat Imports in Turkey
Context: The Ministry of Agriculture and Forestry in Turkey announced a temporary suspension of wheat imports from June 21 to October 15, to stabilize the market and support local producers during the harvest season.
Market Impact: The decision is a response to falling prices due to an oversupply in the domestic market during the harvest period.
Flexibility: The suspension period might be adjusted based on market conditions.
Historical Data: As of mid-April, Turkey was the second largest buyer of Russian wheat this season, following Egypt.
Strategic Stockpile: Turkey has accumulated a significant stockpile of over 9 million tons, which it plans to utilize during this period.
Regional Influence: The measure affects a significant volume of trade, as Turkey is a major player in the global wheat market.
Conclusion: This temporary suspension is intended to support domestic producers and stabilize the market, with potential adjustments to the suspension period depending on how the market evolves.
Read more details on the Vedomosti website.
