21.
07.20
10:27

Saudi Arabia is liberalizing its wheat imports

Yesterday, the Saudi grain trading company SAGO commented on the powers of the privatized mill companies. Accordingly, the mill operations will be able to independently import wheat from the world market in the future.
Saudi Arabia is currently selling its entire mill business. With the privatization of this branch, the decision to implement a comprehensive economic reform will be implemented. At the beginning of July, the mill operations were started to be sold.
SAGO, one of the largest grain buyers in the world, had previously made all grain imports for his country. For the mill operations, the purchase price was always the most important factor in their balance sheet. Now the mills themselves should be allowed to act as buyers on the world market. They automatically become attractive customers for providers from the surplus regions of the world.
The privatization had awakened the interest of some of the world's largest agricultural trading companies at an early stage. ADM and Bunge wanted to bid on the mill operations. However, they have now been removed from the list of bidders.
Saudi Arabia decided in 2008 to stop growing wheat in its own country to save water.Since then, the country has been dependent on grain deliveries on the world market.

Source
Hansa Terminhandel GmbH
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