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LATEST NEWS UPDATES | Government's wheat buying may touch 28-30 million tonne this season-Madhvi Sally

Government's wheat buying may touch 28-30 million tonne this season-Madhvi Sally

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published Published on May 29, 2013   modified Modified on May 29, 2013
-The Economic Times


NEW DELHI: Wheat procurement in the rabi marketing season 2013-14 is likely to touch 28-30 million tonne. When procurement began in April, the government had estimated to buy 44.06 million tonne wheat this year. "Wheat procurement this season will fall to 28-30 million tonne," said Union Food Minister KV Thomas. He added that since the government was strict with the OMSS price and didn't accept the industry demand of cutting wheat price, private trade have begun procuring in this season.

"It will not make any impact on our schemes as we have an ample stock," he said. On lowering the minimum export price of wheat from $300 a tonne, Thomas said the Group of Ministers will take a decision on the issue in the next meeting. "We are not in a hurry to export. Private trade should not survive on our subsidy," he said.

Food Corporation of India officials said the fall in procurement was not alarming. "Average procurement remains at 25 million tonne and the year 2012 was an exception with production increasing by 7 million tonne to 93 million tonne," said an FCI official adding that the minimum support price had substantially risen by Rs 115 to Rs 1,285 a quintal in 2012 compared to 2011. This year, the MSP is Rs 1,350 a quintal.

Wheat arrivals across the country touched 28.44 mt and procurement by government agencies at 24.96 mt on Tuesday.


The Economic Times, 29 May, 2013, http://economictimes.indiatimes.com/news/economy/agriculture/governments-wheat-buying-may-touch-28-30-million-tonne-this-season/articleshow/20321586.cms


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