India Caps Wheat Stock Limits, Affirms Adequate Domestic Supplies to Meet Festive Demand

India will reduce the limit on wheat stocks traders and millers can hold to 2,000 tons from 3,000 tons.
India has no plans currently to remove the import duty on wheat, indicating sufficient domestic supplies.
More wheat stocks may be released into the open market to control prices during upcoming festivals if needed.
Recent export restrictions on wheat, rice, and sugar have helped ensure adequate availability of staples in India.
The government says there are enough supplies of rice, wheat, and sugar to meet festival demands over the next few months.

reuters.com

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Posted 9/15/2023, 3:24:00 AM

India Caps Wheat Stock Limits, Affirms Adequate Domestic Supplies to Meet Festive Demand

India will reduce the limit on wheat stocks traders and millers can hold to 2,000 tons from 3,000 tons.
India has no plans currently to remove the import duty on wheat, indicating sufficient domestic supplies.
More wheat stocks may be released into the open market to control prices during upcoming festivals if needed.
Recent export restrictions on wheat, rice, and sugar have helped ensure adequate availability of staples in India.
The government says there are enough supplies of rice, wheat, and sugar to meet festival demands over the next few months.

reuters.com

Relevant topic timeline:

8/23/2023

Closing bell: Saudi main index inches down, while Nomu gains 150

India is expected to ban sugar exports due to a lack of rain, which would likely raise global benchmark prices and potentially contribute to further inflation in global food markets.

8/25/2023

India expands curbs on rice exports with 20% duty on parboiled grade

8/25/2023

Tesla proposal prompts India to consider import tax cut: report

India is reportedly considering a policy to reduce import taxes for automakers, including Tesla, that are willing to produce vehicles in the country.

8/27/2023

India Further Tightens Rice Shipments in Threat to Global Supply

9/7/2023

Ahead of Joe Biden visit, India drops tariff hikes on U.S. almonds, apples, walnuts and lentils