As wheat price surges, experts warn against excess export
A constant surge is seen in wheat prices and is trading near an all-time high in the US markets. Argentina, which is the second-largest producer, also has seen prices at a 14-year high. Chinese prices also jumped up above 3,000 yuan per tonne. So, the wheat price has been surging in both producing and consuming countries. In an interview to CNBC-TV18, Ajay Goyal, director of Shivaji Flour Mills spoke at length about the price surge.
A constant surge is seen in wheat prices and is trading near an all-time high in the US markets. Argentina, which is the second-largest producer, also has seen prices at a 14-year high. Chinese prices also jumped up above 3,000 yuan per tonne. So, the wheat price has been surging in both producing and consuming countries. In an interview to CNBC-TV18, Ajay Goyal, director of Shivaji Flour Mills spoke at length about the price surge.
He said, “This is an unprecedented opportunity for Indian wheat because in global prices there is a surge of almost 30 percent in the last two weeks, which is for a commodity like wheat is unusual.”
According to him, India exports within the region. “The Middle East, East Africa and parts of South Asia, Bangladesh is a traditional market, but could also look westward, but the opportunity for India is within the region,” Goyal said.
Talking about local prices, he said, “We are one of the biggest producers and the biggest consumers of wheat globally and too much of exports is not healthy for the local economy as you will see prices surging up for the local consumer as well.”
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