Indian Wheat Exports Seen at Record on Government Price Cut
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Wheat shipments from India, the second-largest grower, may climb to a record as the government cuts the price for overseas sales, adding to supplies in a year when farmers are reaping the biggest global harvest ever.
Shipments are set to jump 32 percent to 7 million metric tons in the 12 months started April 1 from 5.3 million tons a year earlier, said Agrocorp International Pte, a Singapore-based trader. The cabinet today approved a cut in the minimum price to $260 a ton from $300 to reduce state reserves that are more than double normal needs, said Food Minister K.V. Thomas.