India Raises Wheat Purchase Price to Boost Output as Market Rates Climb
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India raised wheat purchase price by 7% to 2,275 rupees per 100 kg to encourage farmers to expand crop area
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Move aims to boost wheat production as stocks are down this year compared to average
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Higher support price trails market rates; traders say bigger hike needed to align with market
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Wheat output estimate of 112.74 million tons record high, but trade group says real crop at least 10% lower
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Lower wheat harvest and stocks tighten supplies ahead of big festivals, lift market prices