The Indian government plans to intensify public procurement of wheat

Wheat

India

Market & Price Trends

Published Mar 19, 2024

Tridge summary

The Indian government is planning to increase its wheat purchases for the state fund, which could limit domestic market supply. Despite this, Russian exporters do not foresee the Indian market opening up for Russian wheat, instead focusing on leguminous crops. India's wheat production for the 2023/24 crop year is expected to be around 112 million tonnes, although some predict a slightly lower yield of 107-108 million tonnes. Eduard Zernin, Chairman of the Union of Grain Exporters, believes that grain legumes like peas, chickpeas, and lentils hold more promise for Russian agricultural exports to India.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Russia is not yet expecting the opening of the Indian market Moscow. 18th of March. INTERFAX.RU - The Government of India plans to intensify purchases of wheat for the state fund. However, traders fear that a likely increase in government purchases could lead to limited supply in the country's domestic market, writes S&P. Russian exporters do not yet count on the opening of the Indian market for Russian wheat. In these conditions, they believe, it is better to focus on the supply of leguminous crops. As reported by S&P, citing representatives of the Food Corporation of India (FCI), the government plans to purchase about 33.5 million tons of wheat from government warehouses, which is almost 28% higher than actual purchases of 26.2 million tons a year earlier. . "We are hopeful of increased purchases due to a slight increase in production. However, there are some challenges as the recent rains have delayed the harvest," an FCI official said. The government is projecting India's ...

Source: Interfax