The Saudi Grains Organization (SAGO) has approved the purchase of a maximum of 700,000 tons of wheat per year from local farmers for five years, Reuters reported on Sunday, citing a statement published by Saudi Press Agency.

 

"Wheat prices for the coming agricultural season, 2018-2019, will be similar to the organisation's global import prices or at SAR 1,250 ($333) per tonne, whichever is higher. Prices will be reviewed after two agricultural seasons," the statement said.

 

Farmers will be able to grow wheat on a maximum of 50 hectares of land, it added.

 

SAGO imports the Kingdom's entire wheat supply of about 3.5 million tons a year.

 

Demand for wheat is expected to rise by 3.2 percent per year to reach 4.5 million tons by 2025, due to growth in population.

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