Posted 10/17/2023, 10:15:00 AM
Indian Wheat Prices Surge on Tight Supplies and Rising Demand; Further Increases Likely Unless Government Acts
- Indian wheat prices jumped to 8-month high of 27,390 rupees/ton on strong festival demand and tight supplies
- Government wheat stocks down sharply from 5-year average, imports unviable due to 40% duty
- Rising prices may prompt government to release more stocks, waive import duty to control prices
- El Nino weather pattern could lead to warmer winter, negatively impact upcoming wheat crop
- Dealers warn wheat prices could surge beyond 30,000 rupees/ton unless government permits duty-free imports