Amid demands from traders to cut floor price of government wheat for exports, Food Corporation of India (FCI) Sunday said global price of the grain is firming up and it is still feasible to undertake shipments.
India's wheat exports are likely to touch a record high of 7.5 million tonnes in the current marketing year ending June 2013 on account of record crop and larger carry over stocks, while many other exporting nations are expected to face tight supplies, an FAO report said.
State-owned trading companies MMTC, STC and PEC have so far exported 25.58 lakh tonnes of wheat from the government godowns out of 45 lakh tonnes allowed by the Centre, Food Minister K V Thomas said Monday.
India's wheat exports are pegged to touch a record level of 5 million tonnes in the 2012-13 marketing season on the back of all time high harvest and large carryover stocks, United Nation's body FAO said.
Amid reports that Iran has some quality problem in importing wheat from India, the government Wednesday said there is no concern over the quality of Indian wheat and the country is exporting the grain at a good price.
The food ministry has supported the suggestion of Rangarajan panel to allow export of 2 million tons of wheat from government stocks immediately to ease pressure on storages, the Rajya Sabha was informed Monday.
Flour millers Friday hailed the government's decision to lift a four year-old ban on wheat exports, saying this would not only prevent a further decline in domestic retail prices, but would also enable the export of high protein varieties to the Middle East.
India's plan to sell wheat after a four-year ban will find few takers as resumption of Russian exports is likely to flood the market with cheaper grain, already a nightmare for top suppliers the United States and Australia.