First rice, now wheat: India rides on global grain trade bandwagon -Harish Damodaran

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published Published on Jan 14, 2021   modified Modified on Jan 14, 2021

-The Indian Express

The US Department of Agriculture (USDA) on Tuesday upped its forecast of Indian wheat exports for 2020-21 (July-June) to 1.8 million tonnes (mt), as against its earlier estimate of one mt. That would be the highest ever in the last six years

After rice, India is set to turn a major exporter of wheat as well – thanks to surging international prices from Chinese stockpiling and ultra-low interest rate money increasingly finding its way into agri-commodity markets.

The US Department of Agriculture (USDA) on Tuesday upped its forecast of Indian wheat exports for 2020-21 (July-June) to 1.8 million tonnes (mt), as against its earlier estimate of one mt. That would be the highest ever in the last six years (see chart).

The trebling of shipments this year is mainly on the back of rising global prices. Wheat future contracts for March delivery at the Chicago Board of Trade exchange are currently at $244.35 per tonne, 18.3% higher than the $206.59 a year ago. This opens up possibilities for Indian exports to nearby markets, especially Bangladesh that buys mostly from Russia.

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The Indian Express, 14 January, 2021, https://indianexpress.com/article/india/first-rice-now-wheat-india-rides-on-global-grain-trade-bandwagon-7145485/


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