India's wheat exports are pegged to touch a record level of 5 million tons in the 2012-13 marketing season on the back of all time high harvest and large carryover stocks, United Nation's body FAO said.
"In India, given the estimated bumper wheat harvest and larger carryover stocks, exports are anticipated to reach a record level of 5 million tons in 2012-13," Food and Agriculture Organisation (FAO) said in its latest Crop Prospects and Food Situation report.
Wheat marketing year in India commences in April and ends in March.
"Weather conditions at the start of the 2012-13 season have been generally favourable for planting of winter wheat, barley and secondary rice crop. In India, early official forecast for the 2013 wheat crop is set at a near average level of about 86 million tonnes," the report added.
The government has kept a target of 86 million tonnes of wheat in the 2012-13 rabi (winter) season. The country had harvested a record 93.90 million tonnes in 2011-12 crop year (July-June) due to good rains.
That apart, the government has a wheat stock of 37.65 million tons as of Dec 1, 2012, which is above the stipulated buffer and strategic stock requirement of 11.2 million tons as of January 1, 2013.
In July this year, the government had allowed export of 2 million tons of wheat from central pool stocks of Food Corporation of India (FCI) through central public sector undertakings (CPSUs) like STC, MMTCBSE 1.22 % and PEC.
Tenders for export of 1.73 million tons of wheat has been approved, out of which 8.06 lakh tons has been shipped.
Yesterday, Commerce Secretary S R Rao said that the Food Ministry will move a proposal for allowing export of an additional 2.5 million tons of wheat from the central stocks in order to ease the storage crunch being faced by the country due to an all time high production.
Source: Economic Times
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