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India Said to Consider Lowering Minimum Wheat Price for Exports

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Oct. 24 (Bloomberg) -- India, the world’s second-biggest producer of wheat, will consider lowering the minimum export price of the grain to reduce stockpiles, according to two government officials directly involved in the talks.

The food ministry will propose to the Cabinet tomorrow that it reduce the base price to $260 a metric ton from $300, the officials said, asking not to be identified because they aren’t authorized to speak to the media.

The minimum wheat price needs to be lowered to reduce the 2 million tons of wheat in state reserves, they said. China is the largest wheat producer.

To contact the reporters on this story: Prabhudatta Mishra in New Delhi at pmishra8@bloomberg.net; Pratik Parija in New Delhi at pparija@bloomberg.net

To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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