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A New Directive Issued by Ministry of Agriculture Jihad

Negotiated Pricing for Saffron on Iran Mercantile Exchange

Deputy of Commercial Development and Agricultural Industries of Ministry of Agriculture Jihad announced that saffron will be traded through a negotiated purchase mechanism using the potential of commodity-based certificates of deposit on IME.
Negotiated Pricing for Saffron on Iran Mercantile Exchange

According to a report by IME international affairs and PR, based on the above-mentioned directive, either of the following scenarios will be forced into effect between 24 October 2017 and 24 November 2017 to purchase saffron from farmers.

The first scenarios goes that the Central Organization for Rural Cooperatives of Iran will pay 40% of the value of saffron to the farmers and will offered the purchase saffron on IME in order to keep the international reputation and status of Iranian saffron. The remaining value of the purchased saffron will be paid to farmers after the products is sold or from the facilities specified to guaranteed or negotiated purchasing.

In the second scenario saffron will be purchased using the method of trading certificates of deposit on IME. Saffron comes in 4 categories concerning the price of product:

Negotiated prices are 54 million IRR for Negin, 51 million IRR for Sargol and 48 million IRR for Poushal (Grade 1) and 43 million IRR for Poushal (Grade 2).

Within the second scenario, the Central Organization for Rural Cooperatives of Iran is obliged to pay for 30 percent of the certificate of deposit issued for the farmer based on the regulations of the exchange.

The remaining 70 percent of the product will be stored in warehouses for 3 months by the agent with the farmer paying the warehousing costs. In case the farmer does not manage to sell that 70 percent on IME, the minimum negotiated price will be calculated for it and will be paid to the farmer based on the regulations of the exchange.

In line with this plan, there have been two warehouses listed on IME in cities of Mashad and Torbat Heydariyeh. Also, IME is providing the necessities of the plan in order to facilitate the whole project for farmers in the hope of more transparent trades, fair prices, and lower trading costs for saffron.

 

Author: International Affairs and PR

ID: 50058600

Published on: Wednesday, November 15, 2017 16:23

Source: IME

View count: 24

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