India’s state wheat stock halves from a year ago
Indian wheat stocks held in government warehouses were half the level of a year ago on Nov. 1, government data showed on Monday, but inventories were marginally higher than the official target.
Wheat reserves in state stores totalled 21 million tonnes at the start of this month, down from 42 million tonnes on Nov. 1, 2021, but still slightly higher than the official target of 20.5 million tonnes for the quarter ending Dec. 31.
Wheat inventories at government-run granaries stood at 22.7 million tonnes on Oct. 1.
Wheat prices have surged in India despite the world’s second biggest producer of the grain implementing a ban on exports in May as it was stung by a sudden drop in crop yields.
Indian wheat prices are expected to remain elevated until the new-season crop arrives on the market early next year, growers and traders say.
Indian farmers have planted wheat on 4.5 million hectares since Oct. 1, when the current sowing season began, up 9.7% from a year ago.
India is also weighing dropping a 40% tax on imports.
Read also
Wheat in Southern Brazil Impacted by Dry Weather and Frosts
Oilseed Industry. Leaders and Strategies in the Times of a Great Change
Black Sea & Danube Region: Oilseed and Vegoil Markets Within Ongoing Transfor...
Serbia. The drought will cause extremely high losses for farmers this year
2023/24 Safrinha Corn in Brazil 91% Harvested
Write to us
Our manager will contact you soon