According to information provided by the Turkish Grain Board (TMO), purchases with new term wheat prices will be made with over 270 trading companies and operation protocols will be signed by over 80 licensed stores.
Products will be delivered to the licensed warehouses and will be stated that they will be provided in the interest of TMO licensed warehouses; 2% withholding, 2% Social Security Institution premium deduction exemption, 4.18 USD/Ton (25 TL/Ton) shipping support, 4.18 USD (25 TL) analysis support per vehicle and with warehouse rental fee support. The Turkish Republic Ziraat Bank and Agricultural Credit Cooperatives added up to 75 percent of the product price with zero percent interest and nine months maturity.
TMO stated that the farmers registered in the Farmer Registration System would buy all of the production amount in their documents and stated that they could sell the products in their stocks to the TMO as of November 1st, 2019 provided that the non-registered traders were certified by the producer.
The appointment system will continue to be implemented in order to prevent accumulation and long-term build-up. In addition, the infrastructure will make purchases in the appropriate stock exchanges. Manufacturers and merchants who deliver the products to the licensed warehouses signing the protocol with TMO will be able to sell their products to the TMO via electronic product stock (ELUS).
The reception will be held six days a week except Sundays.
Producers who leave their products to the TMO depots will receive 30 percent advance from TMO. The manufacturer and the merchant will be able to use credits from the banks that TMO has contracted for the products left.
Payments of the products will be paid to the bank accounts of the producers within 10 days after the delivery of the product to TMO. However, those who sell their product to the TMO as an Electronic Product Certificate (ELUS) via licensed warehouses will be paid in advance.
Producers will not be charged this year, as an unloading fee will be an additional 1.57 USD (9.4 TL) gain per tonne,
According to the statement made by TMO, the price of red/white hard bread wheat, which was announced as 175 USD (1.050 TL) per tonne in 2018, was increased by 29 percent in 2019 and was determined as 225 USD (1.350 TL) per tonne.
The additional price of up to four percent will be applied on the prices described according to the quality of wheat and, thus, the price of quality product will exceed 234 USD (1.400 TL) per tonne.
Read the full article HERE.
The Global Miller
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