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 Wheat Price In Global Market Falls

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PostSubject: Wheat Price In Global Market Falls   Tue 29 Apr - 10:03

Bumper crop in Punjab and Haryana had “effect” on international price of wheat and its procurement by government agencies today crossed 70 lakh tonne mark.
Punjab finance minister Manpreet Singh Badal said wheat price had come down in the international market because the Union government would not be approaching the international market to import wheat due to better procurement of wheat in Punjab compared to previous years.
In a few days, wheat price had come down by 40 per cent compared to one in February this year in the international market. However, it is ruling high by 60 to 70 per cent compared to its price in corresponding period last year. Had wheat crop not done well in Punjab this year, country would have faced difficult time forcing the Union government to import wheat, said Badal.
For the past some days, reports are coming from various states in the country on better output of foodgrains this year. In fact, first time owing to better yield of foodgrains, the growth in agriculture sector is being pegged around 4.5 per cent whereas in earlier years it was around 2.5 per cent at the national level. Reports of better wheat crop have also come from Ukraine and certain other wheat- producing countries.
The international wheat trade has now estimated the wheat production at 645 million tonnes whereas last year it was 603 million tonnes. Besides Punjab, Haryana is also doing well compared to last year as far as procurement of wheat is concerned. Both Punjab and Haryana are hugely wheat surplus states and would contribute 135 lakh tonnes of it to the national pool this year.
Sources said by today evening about 72 lakh tonnes of wheat was procured by various government agencies. Share of private traders in the procurement of wheat is insignificant. The Union government had given target of procuring 80 lakh tonnes of wheat for the central pool to Punjab government. However, keeping in view wheat arrival in grain markets, procurement will 90 lakh tonne figure.
Last year, 67.80 lakh tonnes of wheat was procured by government agencies and 10 lakh tonnes by the traders and Punjab government for atta-dal scheme. Sources said inflow of wheat was being reported from all parts of the state. On Saturday, arrival of wheat was in the range of 5 lakh tonnes. However, it was less yesterday because it was Sunday. Sources said arrival of wheat would remain high for next few days and start coming down during the week end.
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