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...
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Global Wheat Shortage Feared as Prices Surge by Liam Pleven and Tom Polansek
Wheat prices have staged the most drastic rise in more than 50 years, as a drought in Russia fuels growing worries that it could lead to a global shortage of the grain. Harsh heat and a lack of rain in Russia have killed half of the crop in some hard-hit areas. The slump in production in one of the world's most fertile breadbaskets has pushed prices up 62% since early June,...
More »Something Is Rotten by Anuradha Raman
Systemic Failure * Despite record procurement, poor storage has led to a criminal waste of grain * 61,000 tonnes of grain rotted as it was left in the open during the monsoon * The FCI had shut down storage facilities after low procurement in 2006-07 * The plan for decentralised storage facilities is 40 years old. It’s still hanging fire. * EGoM did not clear the surplus grains for the PDS since it would have...
More »Rising milk prices: Common man suffers again
Following a hike in the prices of petrol, diesel, gas, milk prices have also gone up. Between January 2007 and March 2010 the price of milk rose seven times in Delhi. The story is similar elsewhere in the nation too. In the last one year, prices increased from Rs 17 to Rs 22 a litre. In some cities, like Mumbai, the rise has been steeper. Earlier, it was pulses that were burning...
More »Finding a fix for food security by Ashok Khemka
Furious debates among policymakers about the proposed national food security law largely revolve around its financial repercussions. The Planning Commission is finally coming around to accepting the Tendulkar Committee’s estimates of 37.2 per cent BPL population or 8.5 crore BPL households. The fiscal burden in implementing the food security law for 37.5 per cent BPL population, with each household being provided 35 kg food grains, is estimated to be Rs...
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