Sumary of India to export over 2 mt wheat next two months:
- India has signed deals to export over two million tonnes (mt) of wheat during December-January as the foodgrain is being offered at an attractive price in South-East, South and West Asia amidst tight global supplies, according to trade sources.
- Currently, we have orders to export 2-2.5 mt of wheat at hand during December-January.
- We should be exporting over 4 mt for the current fiscal,” said Rajnikant Rai, Divisional Chief Executive, ITC Agri-Business.
- Current pricesThe Foreign Agricultural Service (FAS) of US Department of Agriculture (USDA), in its latest “Grain: World Market and Trade”, raised its projections for India’s wheat exports to 5.25 mt from 4.5 mt earlier as it finds New Delhi prices competitive in nearby markets.
- “Exports are currently being contracted at $325 a tonne free-on-board (FOB) against $265 when we started shipping earlier this fiscal,” said Rai.
- USDA said India’s export prices in August averaged $265 and enjoyed an advantage of lower freight rates to neighbouring countries.
- Indian wheat is currently being shipped to Bangladesh, Sri Lanka, Indonesia, the Philippines, Malaysia, and West Asia.
- Wheat from Black Sea, originating from Ukraine and other erstwhile Soviet Union members, is currently quoted at $358.50 for delivery in January.