Wheat market outlook in India

Introduction: the market exists, and the price becomes the key New Delhi, Dec 11 (Reuters) - India, which has been suffering from huge wheat stocks, has received some orders from Southeast Asia and the Middle East, according to traders on Tuesday, but to promote wheat exports, the government needs to reduce the price Traders say the Philippines, Vietnam and Myanmar, as well as some countries in the Gulf region, are looking to buy wheat, but prices are the deciding factor In November, the price of wheat in the international market rose slightly, and India increased the price of wheat exported in December from 4200 rupees per ton to 4250 rupees per ton (US $88.78) Traders say the export profit of wheat is thin if the cost of packing, freight and transportation to the port is added India resumed wheat exports in October last year, after a three-year hiatus The market's annual export target for 2001 / 02 (April to March) is 5 million tons Since October last year, India has signed a 3.5 million ton wheat export contract, of which 3 million tons have been shipped, traders said "If we want to significantly increase wheat exports, the government needs to reduce prices," said premdas.nair, vice president (International Trade) of Ahmedabad based Vishal overseas export Co., Ltd Nair said that as Pakistan's wheat is now mainly used to supply war-torn Afghanistan, more Middle East countries are turning to India to buy wheat "We expect the Gulf countries to buy a lot of wheat from India," Nair said Vietnam also needs to import wheat, but buyers want a lower price " Abu Dhabi's State-owned Industrial Corporation recently purchased 25000 tons of wheat from India Atul chaturved, senior vice president of ADEX Bo, India's largest wheat export company, said it will ship 100000 to 125000 tons of wheat from India on average every month next year "If the government does not change prices at will, wheat exports will continue to maintain a strong momentum," Chaturvedi said In the past two weeks, he said, India has sold 100000 tons of feed grade wheat to North Korea for $100 to $101 per ton, FOB After a period of time, South Korea returned to the market The Philippines has also purchased 70000 to 80000 tons of wheat in the past two weeks, and the price is also $100 to $101, FOB India is currently developing export markets to reduce its stock of 60 million tons of wheat and rice, but export sales are low due to quality problems and price competitiveness In May, three batches of Indian wheat were rejected by Iraq for quality reasons An official from a state-owned trading company said he was in talks with the Philippines to export 50000 tons of wheat, as well as Indonesia, which hopes to get a 120 day credit guarantee (US $1 = INR 47.87) WSR