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India's wheat prices rise 2-3% after the government announces the resumption of exports

  • Date posted : May 10, 2022

Wheat prices, which fell on rumors that India could cut wheat exports to curb domestic inflation, have stated that food minister Sudhanshu Pandey has no plans for the government to stop wheat exports on Wednesday. After that, it rose by 2-3% again.

 

Mr. Pandey explained to the media about India's stance on wheat exports in the capital, saying the government is promoting wheat exports as much as possible.

 

Briefing the media approximately India`s stand on wheat exports withinside the capital on Wednesday, Pandey had stated that the authorities are facilitating wheat exports in each viable way.

 

Traders anticipate that the home wheat expenses will hold reinforced until wheat is shipped out of the country.

 

According to traders, wheat prices in Mumbai have fallen to rupees 2,350 after rumors of an export ban have spread. Wheat prices rose again to Rupees 2,450 per quintal after the government revealed that there are no plans to stop exports.

 

Ajay Goel, a veteran grain miller, and exporter, said: Wheat cannot be put on the market. It is difficult to get wheat in the market after the announcement of continuity in exports.

“The expenses can also additionally hold to transport upwards until wheat keeps to transport out of the country,” stated Goel.

 

Earlier the wheat is sold in the market according to MSP. Farmers are turning their backs on the state's wheat shopping centers as private traders buy wheat at prices 20-25% higher than the state's purchase price.

 

Navneet Chitlangia, Vice President of Roller Flour Millers Federation of India, said: Currently, getting wheat at the best price is the biggest problem facing processors. " 

 

 The central government has lowered its 2022-23 wheat production forecast by 5.7% from 111.5 million tonnes to 105 million tonnes as the intense heatwave adversely affected crop production.

 

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