Indian wheat prices gain ₹150/quintal as government lifts ban on product shipments
Indian wheat prices have risen by over ₹150/quintal after the government lifted its four-year export ban on wheat and products on August 24. Concerns are growing over high global prices and possible El Niño impacts on the upcoming rabi crop, though traders say Indian wheat remains globally uncompetitive.
Indian wheat prices have increased by over ₹150 a quintal after the government lifted its 4-year ban on exports of wheat and its products such as flour, maida and semolina on August 24.
With global wheat prices ruling near a 3-year high, a section of the industry is concerned over the development. This is particularly in view of fears that the drought-bearing El Nino weather will likely affect the upcoming crop, which is sown during rabi. Global agencies have forecast the El Nino lasting until March 2027.
However, another section of the trade says there is nothing to worry as Indian wheat is still not competitive in the global market.
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Source : The Hindu Business Line
