Wheat prices lower than 2008 peak: association


CNA

TAIPEI — Current international wheat prices are far lower than they were when the global financial crisis hit the world in 2008, a local flour association said yesterday.

This year’s first shipments of wheat products, due to arrive in Taiwan later in the day, are priced in a range of US$348 to US$494 per metric ton, much lower than the US$700 recorded in December 2008, said Huang Ching-ho, secretary-general of the Taiwan Flour Mills Association.

The price in July last year, however, was even lower at US$247 per metric ton, he noted.

On an upcoming government move to cut the tariff on imported wheat to 3.25 percent, Huang said the move will allow local companies to save NT$15 to NT$18 on every NT$500 (US$17.30).