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Economy

Food Department to start wheat procurement process from Saturday – Business & Economy

by Alexandra Hartman Editor-in-Chief
written by Alexandra Hartman Editor-in-Chief

The wheat procurement campaign in Punjab will start from Saturday, April 13. The spokesperson of the Food Department says that wheat will be purchased from farmers at a fixed price of Rs 3900 per 40 kg, while farmers will be able to apply for Bardana through the Bardana app.

The spokesperson of the Punjab Food Department says that applications will be received on the Bardana app of PITB from April 13 to 17, Bardana will be issued from April 19, 2024 and the purchase of wheat will begin from Monday, April 22. For which arrangements have been completed for the purchase of wheat at the district level.

According to the spokesperson of the food department, a confirmation message will be sent to the farmers following the verification by PITB and Punjab Land Record Authority.

#Food #Department #start #wheat #procurement #process #Saturday #Business #Economy
2024-04-16 04:01:40

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Economy

Global Wheat Production Forecast and Prices: USDA Report Analysis

by Alexandra Hartman Editor-in-Chief
written by Alexandra Hartman Editor-in-Chief

2023-11-09 18:15:01

By Le Figaro with AFP

Published 2 hours ago, Updated 2 hours ago

World production will still decrease from 783 to 781 million tonnes. Thierry RYO / stock.adobe.com

The American Department of Agriculture (USDA) revised upwards on Thursday its estimate of the world supply of wheat for the current campaign, due to more abundant stocks even if production will decline a little except in Russia.

In its monthly report on the state of global supply and demand (Wasde report), the USDA now expects a global harvest of 781.98 million tonnes, compared to 783.43 in the previous estimate. This reduction in production of 1.5 million tonnes is due in particular to a smaller harvest forecast in India (-3 million tonnes), Argentina (-1.5 million) and Brazil (-0.4 million) in particular. . But this decline is offset by an increase of 5 million tonnes in the assessment of Russian production which will reach 90 million tonnes, according to the USDA. Ukraine’s wheat production is seen stable at 22.50 million tonnes, of which the country is expected to export 12 million, one million more than in the previous estimate.

Read alsoSlight rebound in the price of wheat in Europe, weak echo from the Middle East

Ukrainian production on the rise

The slight decline in world wheat production is offset by more abundant stocks, at 269.55 million tonnes (+2 million). These figures, generally showing a more abundant supply, continued to bring down wheat prices, which were already depressed at the opening. Around 5:40 p.m. GMT, the price of the reference contract for a bushel (around 27 kg) of SRW variety wheat (Soft Red Winter Wheat) lost 2.28% to $5.78. For corn, the American ministry’s forecast calls for an increase in world production to 1,220.79 million tonnes compared to 1,214 million estimated in October. The estimate increased for Russia (16 million tonnes once morest 14.6) but also for Ukraine with 29.50 million tonnes, once morest 28 million previously forecast. Ukraine should be able to export 20 million tonnes of corn compared to 19.50 million tonnes previously estimated.

Mexico, on the other hand, saw its production drop by almost a million tonnes to 26.50 million. For soybeans, global production is expected to exceed 400 million tonnes, up almost a million tonnes from the October estimate, and well above the campaigns of the last two years. American production in particular should be higher, at 112.39 million tonnes compared to 111.70 million. That of Brazil, the leading oilseed producer, is still forecast at 163 million tonnes.

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#Stocks #increase #increase #global #wheat #supply

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Economy

‘Govt to consider options including import duty cut if wheat prices do not fall’

by Alexandra Hartman Editor-in-Chief
written by Alexandra Hartman Editor-in-Chief

2023-06-23 16:15:04

Amid apprehension of no immediate reduction in wheat prices, the government has indicated that a duty reduction in wheat may be considered to allow imports if prices do not fall to a ‘comfortable level’.

“We are seeing an inflationary trend in retail prices of wheat and rice. The government has directed us to start Open Market Sale Scheme (OMSS). The focus is on bringing down retail prices,” said Ashok K Meena, Chairman and Managing Director of Food Corporation of India (FCI). He further said that if prices do not fall to a comfortable level, there are other instruments, including import duty reduction, available with government. “All options are under consideration,” he added.

The FCI CMD hoped that the retail prices would start coming down soon following measures are announced. At present, the import duty on wheat is 40 per cent.

As part of 1.5 million tonnes (mt) of wheat to be sold under OMSS in first tranche as announced on June 12, the FCI will float a tender on Friday to sell 0.4 mt for which e-auction will be held June 28. Similarly, in the first round of auction for rice to be held on July 5, as much as 0.5 mt will be offered for which the tender will be floated next week.

Stock limits

On June 12, the government imposed stock limits on wheat with immediate effect till March 2024 in a bid to check hoarding and contain rising prices. However, the portal was made operational only on Friday where traders and others can declare their wheat stock on a weekly basis.

The reserve price of wheat has been fixed at ₹2,150 per quintal for Fair and Average Quality (FAQ) grain and ₹2,125 per quintal for under relaxed specifications (URS). The reserve price of rice has been fixed at ₹3,100 per quintal. Amid demand for an upward revision in reserve price of wheat, the Food Ministry on Friday issued another circular reiterating the same rates as announced earlier.

Meena said the bidding is also limited to local buyers by ensuring that the GST registration of the State is mapped and checked before the stocks are released. To identify genuine processors and traders, a valid FSSAI licence is also made mandatory for participation. However, the FSSAI rule will not be mandatory in first round of e-auction. So , in the first round of wheat auction the mandatory stock declaration will not be enforced.

FCI has 8.7 mt of wheat and 29.2 mt of rice surplus following meeting buffer norms and food law obligation that can be used for the OMSS if the situation warrants, he said.

The pan India average mandi (agriculture crop market yard) prices were ₹2,196/quintal on May 15, ₹2,225 on May 22, ₹2,277 on May 29, ₹2,307 on June 5, ₹2,295 on June 12 and ₹2,310 on June 19.

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Published on June 23, 2023

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#Govt #options #including #import #duty #cut #wheat #prices #fall

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Economy

Wheat: Wheat prices rise 4% in two weeks

by Alexandra Hartman Editor-in-Chief
written by Alexandra Hartman Editor-in-Chief

2023-05-18 18:04:32

Wheat prices have increased by more than 4% in the last two weeks across the country – an unusual occurrence during the harvest season that runs from April to June because normally the new crop keeps the supply side augmented, experts said.

One of the possible reasons for upward movement in prices is the holding of wheat by farmers, they said.

“Prices have increased sharply during the past two weeks,” said Ajay Goyal, a veteran wheat processor and director, at Shivaji Roller Flour Mill. “It is in more than a decade that I have seen wheat prices increase in the month of May,” he said.

He suspects some farmers are stocking up fresh crop to push prices.

“The government has got everything that it might in its wheat procurement operations in Punjab and Haryana. However, it might not get much wheat in Uttar Pradesh, while the procurement fell short of the target set for Madhya Pradesh,” Goyal said. “Currently, the arrival of wheat has dried up in most mandis. It is likely that the farmers are now holding the crop in anticipation of increase in prices.”

As on May 15, the Food Corporation of India (FCI) has procured 25.9 million tonnes of wheat, which is up by 43% once morest 18.8 mt total wheat procurement of 2022-23 rabi marketing season but significantly less than the record procurement of 43.3 mt in 2021-22. The government has fixed wheat procurement target of 34.15 mt for the current marketing season.

Wheat price in the wholesale markets of Delhi was around ₹2,400-2,430 per quintal on Thursday once morest ₹2,300-2,320/quintal a week ago, wheat processors said.Navneet Chitlangia, senior vice president at Roller Flour Millers’ Federation of India (RFMFI), said wheat prices have increased by ₹100-120/quintal in most parts of the country during the last one week. “The arrival of wheat in the mandis is reducing as the harvest season is at its fag end. Wheat prices are now expected to increase gradually,” he added.

Although the prices have firmed up, the industry is not worried much as they expect the price movement to be gradual. “Slow and steady rise in prices is good for the industry and the trade. As the prices rise, new demand for the product is also created in the market. But an unexpected rise in the prices makes the business difficult,” Chitlangia said.

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#Wheat #Wheat #prices #rise #weeks

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