India to export over 2 mt wheat next two months

india to export over 2 mt wheat next two months

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.

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