As global concerns over food shortages and consumer price inflation mount, India’s wheat warehouses are filling up and a record crop is expected for the current farming season.
The Bloomberg agency indicated that India is the second largest producer of wheat in the world after China, and may export up to 12 million tons of wheat during the 2023-2022 season, according to average estimates of traders, millers and analysts.
India’s exports in the 2022-2021 season amounted to about 8.5 million tons, according to data from the US Department of Agriculture.
This comes as record wheat prices on the Chicago Crop Exchange rose to the highest level on record at $13,635 per bushel this month, following the Russian invasion of Ukraine and the disruption of wheat supplies from Russia and Ukraine, two of the largest wheat producers. world exporters.
And the Bloomberg agency cited a statement from the Commerce Ministry that India is also considering exporting wheat to Bosnia, Nigeria, Sudan and Iran.