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Serbia Buys 100,000 Metric Tons of Wheat to Replenish Reserves

July 11 (Bloomberg) -- Serbia is buying 100,000 metric tons of wheat from this year’s harvest from local producers to replenish commodity reserves.

The government is paying 23 dinars ($0.24) per kilogram of wheat that meets its quality standards and pledges to pay the producers within eight days of delivery, the Agriculture Ministry said in an e-mailed statement.

The quantities will range from 5 tons to 100 tons from individual farmers and as much as 150 tons from local cooperative farms, the ministry said.

Serbia’s harvest estimate this year ranges from 1.6 million tons to 2 million tons, based on an average yield of 3.5 tons to 4 tons from 482,613 hectares (1.2 million acres) sown to wheat. The wheat harvest will fall 7.7 percent this year to 1.91 million tons due to lower yield and smaller planting areas compared to 2011, the statistics office said in June.

To contact the reporter on this story: Misha Savic in Belgrade at msavic2@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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