Pakistan may ship as much as 2 million metric tons of wheat in the next six months after the government lifted its export ban, Agrocorp International Managing Director Vijay Iyengar said.
The shipments would be without export subsidies and go to nearby countries and Indonesia, Iyengar said at an interview today at a grains conference in Perth, citing market speculation. The country removed its shipment ban, the government’s finance committee said in a statement yesterday. The committee, headed by Finance Minister Abdul Hafeez Shaikh, met in Islamabad.
Supplies of milling-quality wheat have been curbed by drought in the Black Sea region and rains earlier this year in Canada and Germany. A lot of buyers delayed purchases on expectation of plentiful supplies from Australia, where heavy rain has delayed the harvest and hurt quality, Iyengar said.
“It’s going to take a little bit of time before the Australian situation is clear,” he said. “The next two or three weeks will be critical.”
Wheat futures fell 1.6 percent to $7.7225 a bushel at 12:40 p.m. in Singapore, after gaining to a four-month high this week amid concerns about supply from Australia.