New Delhi: Of India wheat export Inquiries from buyers seeking alternatives to Black Sea shipments are expected to rise as Russia’s invasion of Ukraine threatens to disrupt supplies from two major producers.
India battling mammoth after five consecutive record crops wheat list And both government and private traders are willing to capitalize on any opportunity to sell grain in the world market.
The country is the world’s biggest rice exporter, shipping 20 million tonnes last year, but wheat shipments have been hampered by unfavorable global prices, at least for now.
The Black Sea belt is the world’s largest supplier of wheat, but given the current uncertainty, demand will shift to India, Nitin Gupta, vice president of Olam Agro India, told Reuters.
“Moreover, the availability of wheat in the world market is anyway limited to April-May, and India can easily take advantage of this opportunity,” he said.
Traders said India, which exported 6.12 million tonnes of wheat in 2021 against 1.12 million tonnes a year ago, is likely to sell 40 lakh tonnes of food grains in the first half of 2022.
Apart from India, Australia could become another top supplier in the event of any long-term Black Sea supply disruptions.
Kyiv has significantly climbed the ranks of grain exporters over the past decade and is likely to jump to third place this year, but the conflict with Russia has left markets in doubt whether it will sustain its export effort. could.
Ukraine’s military has suspended commercial shipping at its ports, threatening grain and oilseed exports.
“For the first time in many years, India has received so many inquiries for prompt and long-term delivery of wheat,” said the head of a global trading firm.
“We have never seen such interest in Indian wheat, at least not in our recent memory.”
Trader Rajesh Pahadia Jain of Unicorp Pvt Ltd said suppliers, who are exporting wheat for free at $305 to $310 a tonne, can sell at $330 a tonne.
On Monday, benchmark wheat prices in Chicago were up 6.1% at $9.12-3/4 per bushel, after touching $9.35 per bushel earlier.
Bangladesh, Philippines, South Korea, Sri Lanka and the United Arab Emirates are among the main buyers of Indian wheat, but new buyers like Lebanon may also move to India.
India battling mammoth after five consecutive record crops wheat list And both government and private traders are willing to capitalize on any opportunity to sell grain in the world market.
The country is the world’s biggest rice exporter, shipping 20 million tonnes last year, but wheat shipments have been hampered by unfavorable global prices, at least for now.
The Black Sea belt is the world’s largest supplier of wheat, but given the current uncertainty, demand will shift to India, Nitin Gupta, vice president of Olam Agro India, told Reuters.
“Moreover, the availability of wheat in the world market is anyway limited to April-May, and India can easily take advantage of this opportunity,” he said.
Traders said India, which exported 6.12 million tonnes of wheat in 2021 against 1.12 million tonnes a year ago, is likely to sell 40 lakh tonnes of food grains in the first half of 2022.
Apart from India, Australia could become another top supplier in the event of any long-term Black Sea supply disruptions.
Kyiv has significantly climbed the ranks of grain exporters over the past decade and is likely to jump to third place this year, but the conflict with Russia has left markets in doubt whether it will sustain its export effort. could.
Ukraine’s military has suspended commercial shipping at its ports, threatening grain and oilseed exports.
“For the first time in many years, India has received so many inquiries for prompt and long-term delivery of wheat,” said the head of a global trading firm.
“We have never seen such interest in Indian wheat, at least not in our recent memory.”
Trader Rajesh Pahadia Jain of Unicorp Pvt Ltd said suppliers, who are exporting wheat for free at $305 to $310 a tonne, can sell at $330 a tonne.
On Monday, benchmark wheat prices in Chicago were up 6.1% at $9.12-3/4 per bushel, after touching $9.35 per bushel earlier.
Bangladesh, Philippines, South Korea, Sri Lanka and the United Arab Emirates are among the main buyers of Indian wheat, but new buyers like Lebanon may also move to India.