This season, India imports 2 million tons of wheat
Foreign slotplus at USDA (FAS USDA) confirmed a preliminary assessment of the harvest and import of wheat in India in the current season.
According to the service, in the current season the country will be raised 88 million tons of wheat, well below the official forecast of 94 million tons. For the slow pace of procurement of wheat in the state Fund and high domestic prices, market players estimate the actual harvest of wheat in the range of 80-85 million tons. Its quality is better than it was in previous years.
coming to the end of wheat procurement in the state Fund. As of June 28, farmers purchased 22,93 mln tonnes of wheat, although it was planned to purchase 30.5 million tone. FAS USDA forecasts that this year the volume of purchases will not exceed 23 million tons, while last year it amounted to 28.1 million tons.
Stocks of wheat in the state Fund on July 1, amount to 32.6 million tonnes, which is 19% less than it was last year. However, they are sufficient to meet the country's needs over the next 10 months. Every year through the public distribution system has been implemented for 20 million tone of wheat. Another 7.5 million are required to maintain the minimum buffer stock. The remains of a 5 million ton if necessary, can be implemented on the open market.
For imported wheat in India set 25% duty. But millers has contracted 1 million tonnes of imported grain in the hope of a reduction or abolition of duties, which should reduce domestic prices. FAS USDA predicts that during the season the import of wheat will be 2 million won. last season the figure was 0.52 per million.