North India Statesman
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Wheat Production News: India has a record production of wheat this year. This will enable the country to meet its domestic demand for wheat and will end the need to import it this year. Earlier, there was speculation in the market that the production of wheat in the country would be reduced, due to which it would have to import wheat from other countries including Australia and this would boom in the prices of wheat globally. But now the situation is completely opposite, India will not need to import wheat. Which indicates a overall relief situation for India.
Its exports were banned in 2022 due to shortage of wheat in India. The government has increased the ban on export of wheat to 2023 and 2024 due to crop affecting crop due to scorching heat. During this time, wheat reserves were finished and prices reached a record level, making it to estimate that India would have to import wheat for the first time after 2017. However, the situation has improved in the world’s second largest wheat producer India. Government officials said that the government starts procurement of wheat early indications that wheat crop is 4 million tonnes more this year than the previous year.
Amit Thakkar, president of New Delhi -based Agricultural Counseling firm Confer Commodities, said that in recent years, amidst constant concerns over the import of wheat, the country has eventually reached the point where the threat of wheat imports has gone away this year. The Food Corporation of India, which purchased agricultural commodities in India, has bought 29.7 million metric tonnes of wheat for the new season from local farmers after missing the purchase target for three consecutive years. Food Minister Prahlad Joshi said that this year FCI’s total wheat procurement is likely to increase from 32 to 32.5 million tonnes. He said that the stock of early wheat was 11.8 million tonnes after the marketing year, which started from April 1.
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FCI will have 44 million tonnes of wheat stock. Statistics show that FCI requires 18.4 million tonnes of wheat per year to run the world’s largest food welfare program, under which about 800 million poor people in the country are provided free food grains. A significant increase in wheat stock by FCI has eliminated its possibilities of imports.
Due to speculation that the world’s second largest wheat consumer will no longer need to import, global grain prices may come under pressure. Because India’s wheat production is more than Argentina, Australia and Canada, while the demand for wheat has weakened in the most demanded China. Global wheat prices have been reduced to its record high level in 2022. This month, wheat prices have reached a five -year low.
