NEW DELHI (Commodity Online): India Government has started releasing wheat stocks from its warehouses to quell the price rise in the domestic market.
The price rise in the international market has made demand rise in Indian wheat. This has triggered more export from India in the past month.
The Food Corporation of India has bought surplus wheat for exports from the major wheat producing states of Rajasthan, Punjab, Haryana and Uttar Pradesh in India. This is because Indian wheat is available in the global market at a competitive price, even after fetching a premium over the floor price of $228 per tonne.
In the international market, Australian wheat is available at $350 per tonne, while the Black sea or the Ukranian variety is fetching $300 per tonne.
The Indian government decided to export wheat at a minimum price (floor price ) of $230 per tonne, which is currently fetching $280-290 a tonne. The rupee depreciation has also helped the suppliers prefer exports over supply to the domestic market.
Wheat prices have risen to Rs 1,350-1,500 a quintal, as against $1,170-1,250 a quintal in the domestic market last month.
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