Normally, wheat marketing year runs from April to March. But the procurement this year was undertaken a fortnight early by the Food Corporation of India (FCI) as well as state agencies.
Wheat inventories at ports have climbed to a record high of about 1.8 million tonnes, mainly cargoes shipped from Australia and the Black Sea region, trade and industry sources said.
Out of the total arrival, the five government procuring agencies have purchased over 72.76 lakh metric tonnes while traders have purchased more than 6,854 metric tonnes at Minimum Support Price.
In its second estimate, the agriculture ministry had pegged a record wheat output of 96.64 MT for the current crop year (July-June) as against the actual output of 92.29 MT last year.
Wheat and rice are being sold through PDS (public distribution system) shops, also known as fair price or ration shops, at a highly-subsidised rate of Rs 2 and Rs 3 per kg, respectively, as per the Food Security Law.
Food regulator FSSAI today said major wheat-flour brands like ITC, HUL, Cargill and Patanjali would begin to fortify wheat flour with iron, folic acid and vitamin B-12.
The first cabinet meeting presided over by Chief Minister Yogi Adityanath decided that 5,000 wheat centres will be set up in the state monitored by ministers for smooth procurement of the crop this season, senior ministers Siddharth Nath Singh and Srikant Sharma told newspersons here.
India, the world's second-biggest wheat producer, lowered the import tax on the grain to 10 percent from 25 percent last September and scrapped the duty on December 8.
Watch Manisha Gupta of CNBC-TV18 speaking about the current trend and updates from the agro commodity space.
Storehouses are overflowing with commodities such as lentils and soybeans after waves of farmers answered Prime Minister Narendra Modi's call last summer to ramp up local production to cut a hefty import bill, driving prices sharply lower.
“Our view fundamentally for India market was around 20 percent return but after the rally, it looks like we could do another 10-11 percent return until the end of the year helped by liquidity,” Prabhat Awasthi, Head of Equity & MD, India, Nomura said in an interview with CNBC-TV 18.
The Food Corporation of India (FCI) plans to start the new procurement season for wheat without any excess inventory, reports the Financial Express.
As per reports, Government could impose a 15% imprt tax on wheat by the mid of March. India lowered the import tax on wheat to 10% from 25% in September 2016 a ...
India is likely soon to impose an import tax of 25 percent on wheat, two government sources said on Wednesday, reinstating the tariff after a gap of nearly three months following big purchases from overseas in recent months.
As per the data released by the Agriculture Ministry, wheat production will be around 965 lakh tons. In the ongoing Rabi season, wheat sowing is up by 7% to 31 ...
Paswan said there would be a bumper wheat production this year and the government has set a procurement target at 33 million tonnes for the 2017-18 marketing year, starting April.
The target was fixed in the meeting of State Food Secretaries held here to discuss procurement arrangements. It was chaired by the Food Secretary Preeti Sudan, said a statement issued by the Food Ministry.
As per Agriculture Secretary Shobhana K. Patnaik, total wheat production for the year 2016/17 may touch 950 lakh tons that is around 15 lakh tons down than the ...
Continuous import of Wheat may force wheat prices to trade below minimum support prices ahead of new crop arrival pressure from Rabi crop. Better than expected ...
The country is slowing down imports ahead of the harvest in April and purchases in the months ahead will depend on production this year, two traders told Reuters on Wednesday.
The March sugar contract rose as much as 1.2 percent to 3,946 Indian rupees (USD 58.72) on the National Commodity & Derivatives Exchange Ltd (NCDEX). The contract had risen nearly 200 rupees in the last 30 days, up to Friday's close.
Sowing area under wheat and pulses have touched record 317.81 lakh hectares and 159.72 lakh hectares, respectively, so far in the ongoing rabi (winter- sown) season on good monsoon and higher support price.
As per latest reports, total area covered under Rabi wheat 2016/17 cultivation has increased by more than 7% to 315.55 lakh hectares against 292.52 lakh hectar ...
Heavy rainfall accompanied by hailstorms have damage the wheat crop in Punjab, Haryana and Uttar Pradesh. As per the reports around 30-40% of the wheat crop ha ...
Barring rice and coarse cereals, other crops were covered in wider area in the ongoing rabi season of 2016-17 crop year (July-June). Sowing of rabi (winter) crops begins from October and harvesting from April.