Exporters keeping fingers crossed to reap rich profits
New Delhi, March 6 (Delhi Crown): Indian wheat exporters are keeping their fingers crossed thinking of reaping rich profits by exporting wheat to countries that have been dependent on Russia and Ukraine for their wheat needs.
Both Russia and Ukraine meet nearly one-fourth of wheat demands across the world. However, exports from both these sources have been adversely affected in recent weeks.
If industry insiders are to be believed, demand for Indian wheat is most likely to rise in the coming months even as the ongoing Russia-Ukraine war has adversely affected the global wheat supply chains.
Farmers in Madhya Pradesh, Punjab, Haryana and Rajasthan produce some of the best qualities of wheat in India. But it is yet to be seen if the farmers too would be benefited, or the exporters would solely pocket the profits.
The Food Corporation of India (FCI) currently has a total stock of around 52 million tonnes of wheat.
Media reports quoted official sources as saying that Indian wheat exports might break the past one decade’s records.
“India expects that further firming up of wheat prices will result in an increase in its wheat exports. By February-end India’s wheat exports stood at 6.6 million tonnes, which is higher than that of the previous best of 6.5 million tonnes in 2013-14. This may tough 7 million tonnes by March end,” the country’s Food Secretary Sudhanshu Pandey was quoted as saying.
Pandey further stated that it could be an “opportunity” for Indian wheat exporters as the new wheat crop will be available from mid-March, while the wheat crop of other global wheat producers will mature in August and September.
According to him, global wheat prices have already gone up and are in the range of Rs. 24,000-25,000 per tonne, the Secretary added.