Opportunists increase flour prices in Turkey

Published 2021년 11월 23일

Tridge summary

The President of the Istanbul Bread Bakers, Artisans and Bread Sellers Chamber of Artisans (ISTFO), Erdoğan Çetin, has accused a group of speculating on wheat prices in Turkey, leading to a significant increase in flour prices. Despite the removal of customs duties, prices have remained high due to a rise in foreign currency and increased crop prices globally. The chamber has sent a report to the Ministry of Agriculture and Forestry and the Union of Chambers and Commodity Exchanges of Turkey, proposing measures such as warehouse and stock controls, limiting exports, and selling existing goods to flour mills to address the issue.

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Original content

ISTFO President Erdoğan Çetin said that there is a group that speculates on wheat prices in Turkey. In the May harvest last year, Turkish Grain Board (TMO) announced the kilogram price of red and hard bread wheat as 1.65 TL, and in May of this year as 2.25 TL. At these prices, a 50 kg bag of flour was put up for sale for 120 TL in May 2020 and 160 TL in May 2021. However, the strategically important product increased by 200 percent on average between May 2021 and November, reaching 4 liras and 60 cents per kilogram. While this extreme increase in flour prices forced the bakers to make a raise, the sector representatives who spoke to the WORLD stated that the bread wheat production was around 13 million tons in 2021 and that TMO imported around 2 million tons, although there was still flour in the stocks, the prices were increased by speculation. thought to be increased. Sector representatives also claim that businesses that stock flour increase prices by selling among themselves. ...

Source: Gidatarim