Wheat stocks in India have fallen to a 14-year low

Published 2022년 10월 16일

Tridge summary

India is experiencing a significant surge in retail food prices due to the destruction of its winter wheat and spring rice crops by extreme weather conditions. This has resulted in a 22-month high for food prices, with the government only meeting half of its target for procurement due to farmers selling to private traders for increased export demand. Despite sufficient rice stocks, wheat stocks have dropped to a 14-year low. The global population's growth and consumption patterns are contributing to market tension and fluctuations, with experts predicting high prices to continue into 2023/24. Wheat prices on the main world exchanges have reached a new two-month high due to fears of escalation in the Ukraine war and the potential closure of the 'grain corridor'.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Extreme weather conditions destroyed both winter wheat and spring rice crops, pushing retail food prices to a 22-month high. The Indian government was only able to meet about half of its target as farmers increasingly sold to private traders due to increased export demand due to the crisis in Ukraine. While rice stocks are sufficient to cover domestic needs, wheat stocks have fallen to a 14-year low, the Ministry of Agrarian Policy reports in an overview of global media. Follow the news in a convenient format: Follow us on Twitter According to data released by the Food Corporation of India (FCI), the combined stocks of the two food staples stood at 51.14 million tonnes as of October 1, 66% above the government's buffer standard and strategic reserve requirement of 30.77 million tonnes for this season. At the same time, the balance in the wheat markets is more fragile than ever, and this is likely to continue, said Horizon soft Commodities analyst Clément Gauthier. Read also: How ...

Source: Landlord