India may allow more wheat to be exported from government stocks Published on 2012-11-28 10:53:22 Brokerage Free Trading : Zero brokerage, No Hidden Costs! Do Unlimited Trading on Cash and FO Ads by Google Singapore – India is expected to allow more wheat to be exported from government stocks to clear storage space for the next harvest and take advantage of rising international prices, officials from state-run trading companies said Wednesday. So far, the government has allowed 2 million metric tons to be exported from state reserves. Additional volumes will be released from government stocks by the time the 2 million tons are exported, said one of the officials, who declined to be named. The officials, speaking on the sidelines of an international grain conference, said around 3 million tons of wheat are expected to be exported in 2013. They said tenders for exporting around 1 million tons have been issued since July, and tenders for the same quantity will be issued by March 2013. The government was holding around 42 million tons of stocks as of early November, or three times the mandatory quantity to be maintained. The highest offers for buying Indian government wheat through tenders have increased to around US$324/ton from around $297/ton, free-on-board, in July due to strong demand in Southeast Asia, the Middle East and North Africa due to a serious drought in the Black Sea region, which is a major exporter.

Kalpesh Patel

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