Wheat price unlikely to rise as Govt to continue exports on back of bumper crop
The government plans to keep exporting wheat and tap into the rising demand, especially in Europe due to the ongoing Russia-Ukraine war.
Wheat prices are unlikely to rise as the government is confident that production will hit a record high this year. In fact, the government plans to keep exporting wheat and tap into the rising demand, especially in Europe due to the ongoing Russia-Ukraine war.
Retain inflation has soared to a 17-month high in March on high food prices and thus there is worry about the price of essential items.
A government official told CNBC-TV18 that India is well positioned on wheat availability and the stock in April is estimated at 190 lakh metric tonne (LMT) versus a stocking requirement of 75 LMT.
Further, India's current buffer grain stock stands at 513 LMT and this is double the requirement of 210 LMT for April.
The government has also raised the wheat production target for 2022-23 as it expects 328 metric tonne (MT) to be produced against 316 a year earlier.
According to a PTI report, the Centre's wheat procurement declined 32 percent to 69.24 lakh tonnes till April 17 during the current rabi marketing year as private companies have been buying grains aggressively for exports, official sources said.
The rabi marketing season runs from April to March but the bulk of procurement ends by June. State-owned Food Corporation of India (FCI) and state agencies undertake procurement at a minimum support price to meet the requirement under the Public Distribution System (PDS) and other welfare schemes.
For a ball by ball coverage of today's (April 21) market action, click here
(Edited by : Abhishek Jha)
First Published: Apr 21, 2022 3:09 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Supreme Court refuses plea seeking 6-year poll ban on PM
May 14, 2024 7:14 PM
Punjab Lok Sabha elections 2024: A look at BJP candidates
May 14, 2024 7:06 PM
Lok Sabha polls: EC disposes of 90% complaints related to MCC violations
May 14, 2024 4:45 PM
Jharkhand Lok Sabha elections 2024: All about INDIA bloc candidates
May 14, 2024 2:52 PM