Indian wheat prices rose to their highest level in nearly nine months. Wheat prices have touched 28,000 rupees ($334) per metric ton, up from 24,000 rupees in April. India initially planned to sell wheat from its state reserves to bulk consumers from July, Reuters reported in June, citing a government order, but this was delayed and there has been no subsequent update on its plans.
India was poised to begin wheat imports after a six-year gap to replenish depleted reserves and hold down prices that jumped following three years of disappointing crops. The government is delaying wheat sales because it has limited stocks for market intervention until the next crop starts in April. Even this year’s crop is 6.25% lower than a government estimate of 112 million metric tons.
Presentation – Dibyabharati Nayak
