Financial Tribune- The Government Trading Corporation of Iran has bought more than 2 million tons of wheat from domestic farmers across the country so far this crop year, according to GTC’s new managing director, Yazdan Seif.

“This year we experienced a colder weather that lasted longer. Moreover, precipitation started later than usual. Yet, we estimate that the government will have purchased more than 11 million tons of wheat by the yearend, so that just like last year there will be no need for imports,” Seif was quoted as saying by Mehr News Agency.

GTC is a government-owned company specializing in the purchase, import and distribution of essential foodstuff. It is the lever for enforcing market controls.  The company is also in charge of maintaining the supply of wheat, rice, cooking oil and meat, as the country’s strategic reserve of essential commodities.

According to Siavash Hosseinpour, managing director of Khuzestan Grain and Commercial Services Company, the southwestern province tops the list of provinces from where purchases have been made.

A record high of 14 million tons of wheat were produced in Iran last year, more than 11.76 million tons of which worth over $4 billion were purchased by the government from local farmers at guaranteed prices. This helped Iran achieve self-sufficiency in wheat production.

“It is estimated that this year too, about 11 million tons of the grain will be purchased and the self-sufficiency attained last year will endure in the current year,” deputy agriculture minister and former GTC managing director, Ali Qanbari, said earlier.

Qanbari was replaced by Seif earlier this month after heading the Government Trading Corporation for three years