The rise in global wheat prices by almost 50% in less than two months as commodity markets factor in a sharp drop in exportable surplus has not touched India, among world’s biggest producers and consumers of wheat. What’s more surprising, domestic futures prices too are unlikely to show any appreciable rise, going by the trend in India’s commodity markets. Barring minor blips, August and September wheat futures at NCDEX, largest exchange for...

The 2010 Seeds Bill that has been introduced in Parliament does address some of the major concerns in the aborted 2004 version, but strangely a number of important correctives – on regulation, consistency and punishment – that had been incorporated in the 2008 version (which lapsed in 2009) have now been modified or dropped altogether. What forces are pushing the government to act against the interests of India’s farmers? The third...

Today, the Supreme Court of India will hear arguments in what is emerging as a national disgrace: One of the world’s largest stockpiles of foodgrain going to rot and rodent because the government lacks the vision, ability and commitment to either store it properly or distribute it to the poor. Let me recap what I reported on the front-page of this paper last month: About a third of India’s grain reserves,...

Amidst predictions by FAO of a record world cereal production of 2279.5 million tonnes during 2010-2011, the bad news is that drought conditions may bring down Russia's domestic wheat production to 50 million tonnes in the current year from 63.7 million tonnes in 2008-09. Russia has already imposed a temporary ban on wheat exports. This has pushed up international prices of wheat contradicting the prediction of FAO's Food Outlook 2010...

Russia has announced a temporary ban on wheat exports. This is of course not entirely unanticipated. Today, soon after the Russian Prime Minister reportedly announced a temporary grain export ban, prices were seen rising further. Drought conditions have threatened Russian wheat harvest. From record 63.7 million tonnes in 2008-09, wheat production declined by two million tonnes the following year. Drought is now threatening to pull output down to around 50 mt. Russia's wheat exports...