Once the second-largest wheat importer in the Middle East, Iraq expects to produce all it needs for the third season in a row, Bloomberg reports July 27.
Agriculture Ministry Spokesman Hameed Al-Nayef said the country expects to harvest more than 500,000 tons of wheat in excess of the 4.5 million tons needed for its subsidized national food program.
The projected harvest, for the season ending in August 2021, is roughly the same size as for the season ending next month and for 2019, according the Iraq's Grain Board.
This production level should help ease the economic pressure caused by the coronavirus pandemic and plunge in oil prices.
But whether or not Iraq achieves its production target for 2021, however, depends partly on the success of the Ministry of Water Resources in negotiations with neighbors Turkey and Iran.
To view the complete report by Bloomberg L.P., click here.