State suspends wheat import subsidy

Global prices drop to $326 per ton, selling price of flour at $356 per ton

July 28, 2011- The Ministry of Economy and Trade has decided to raise the subsidy on imported wheat after a drop in the global price of the commodity.

The price of each metric ton of wheat dropped to $326 in June from $354 in May.

The Minister of Economy and Trade, Nicholas Nahas, informed a delegation of mill owners on the decision. He said the value of each ton of flour should not exceed LL540,000 ($356). The delegation had reportedly agreed to the Minister’s request.