| Date: |
11-01-2014 |
| Subject: |
India strikes season’s first wheat export deal at $270/T |
|
Indian traders have sealed the first export deal for new season wheat at
$270 per tonne free-on-board for shipments during April and May, trade
sources said on Thursday.
“The first deal has been struck for
25,000 tonne from Gujarat,” one of the traders said. India did the deal
at a discount to other suppliers and prices could go up in subsequent
export contracts, tra-ders said. Rival supplies from the Black Sea
region would cost about $290 a tonne to $293 per tonne FOB, they said.
“Going
by the current trend, delivered price of Indian wheat will be $22-$25 a
tonne cheaper than Black Sea,” said Tejinder Narang, an adviser at New
Delhi-based trading company Emmsons International. “The question is
whether Indian traders will be willing to sell at such discounts?”
Narang asked. Sudan, Bangladesh and the UAE are the top three buyers on
Indian wheat, traders say.
India, the world's biggest wheat
producer behind China, is expected to harvest another bumper crop in
March-April, pushing up supplies.
Food Corporation of India is saddled with huge stocks of the grain due to bumper harvests since 2007.
Source : financialexpress.com
|