India sells 3 million tons of wheat from the state reserve on the domestic market
Wheat
India
Published Jan 31, 2023
Tridge summary
The initiative of the Indian authorities to sell 3 million tons of grain from state reserves to local millers led to a noticeable decrease in wheat prices in the domestic market of the country in just a few days, writes correspondent of KazakhZerno.kz. Thus, the cost of a ton of wheat on Monday, according to Reuters, amounted to about $347, which is 13% lower than it was last week until Wednesday, January 25, when it was announced the government's decision to sell grain in the amount of 3 million tons to wholesale consumers - flour millers and bakers.
Original content
The initiative of the Indian authorities to sell 3 million tons of grain from state stocks to local millers led to a noticeable decrease in wheat prices in the domestic market of the country in just a few days, the correspondent of KazakhZerno.kz writes. Thus, the cost of a ton of wheat on Monday, according to Reuters, amounted to about $ 347, which is 13% lower than it was last week until Wednesday, January 25, when it was announced the government's decision to sell grain in the amount of 3 million tons to wholesale consumers - flour millers and bakers. Each year, the state-backed Food Corporation of India (FCI) purchases millions of tonnes of wheat at a fixed price to build the reserves needed to run the world's largest food welfare program. FCI also buys wheat from local farmers to build strategic stocks in case of emergencies such as drought. Last year, FCI purchases of wheat fell 53% to 18.8 million tons as open market ...
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