Wheat Procurement Crosses 350 lakh Tonne

Indian Wheat Harvest

Wheat procurement in Ravi Marketing Season, 2012-13 has crossed the mark of 350 lakh tonne. As on June 4, 2012 total procurement of 353, 23, 772 tonne has been made by various Government agencies which is a record. The procurement last year on the day was 263,88,624 tonne.

Highest procurement has been made in Punjab, i.e. 128,00,257 tonne followed by Haryana 86,52,786 tonne and Madhya Pradesh 84,85,818 tonne. Uttar Pradesh and Rajasthan have also made significant procurement by procuring 32,25,393 tonne and 15,93,674 tonne respectively.

(States may have demanded more due to the increase of supply: see below)

(PIB 4JUN12)

Background

Earlier this year wheat output in India (World’s second largest producer) saw a record high at 90.23 million tonnes, Farm Minister Sharad Pawar said, boosting chances of additional shipments and immediately weighing on local prices.

The estimated output is higher than the 86.87 million tonnes the country produced in the previous year. “The record wheat production will keep local prices down, making the window of overseas sale attractive,” said Prasoon Mathur, a senior analyst with Religare Commodities.

India consumes about 76 million tonnes of wheat a year. It grows one wheat crop, which is planted in November-December and harvested in March-April. The bumper stocks might spur Indian state-owned firms and private companies towards exports of wheat to Iran, which could help to partially settle New Delhi’s bill for oil imports with Western sanctions-hit Tehran.

India has allowed exports of 2 million tonnes of the grain, easing an early 2007 ban on overseas sales. Indian wheat exports will have to compete with cheaper Black Sea origin supplies.

(Reuters India 23APR12)

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s