10-13-2005, 03:53 AM
<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>*India** toys with wheat imports as stocks dwindle*</b>
AFP, NEW DELHI
Oct 10, 2005: India, a wheat exporter in recent years, could require
imports for the first time in six ears amid falling stocks of the grain and
a firming up of prices, traders and analysts said yesterday.
The likelihood of having to import wheat appeared to be growing, though the
government might monitor the stocks position for some time before taking a
decision, they said.
The government has so far maintained that wheat and rice stocks were
comfortable and rejected predictions that the country could turn to imports
for the first time since 1999. Farm Minister Sharad Pawar reiterated that
position on Friday.
The farm ministry has pegged 2005 wheat production at 72.1 million tonnes,
close to the output a year ago. The next crop will be planted in November
and harvested after mid-March.
Analysts said a prolonged delay in a decision on imports could lead to a
flaring up of prices. India levies a 60 percent customs duty on wheat,
making it unviable for private traders to import, and the industry has been
speculating that the government might ease the tariffs.
The Food Ministry said as of Sept. 1, India had 11.3 million tonnes of
wheat and 7.07 million tonnes of rice. Indians tend to consume about
1.5million tonnes of wheat a month but consumption increases in the
north in the winter months, beginning November.
Food Ministry officials say the government has already started replacing
wheat with rice to meet food-for-work programmes in southern and eastern
India, were more rice is consumed.
"The government will take a call on imports after mid- November, depending
on the area under wheat plantings, soil moisture and prevailing wheat
prices," said G. Chandrasekhar, a Bombay-based commodities analyst.
Traders said wheat prices had climbed by about 10 percent in the last year
but could rise faster as stocks are depleted.
Wheat futures are now about 800 to 810 rupees per 100 kg at the country's
major exchanges.
http://independent-bangladesh.com/news/oct...02005bs.htm#A25
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AFP, NEW DELHI
Oct 10, 2005: India, a wheat exporter in recent years, could require
imports for the first time in six ears amid falling stocks of the grain and
a firming up of prices, traders and analysts said yesterday.
The likelihood of having to import wheat appeared to be growing, though the
government might monitor the stocks position for some time before taking a
decision, they said.
The government has so far maintained that wheat and rice stocks were
comfortable and rejected predictions that the country could turn to imports
for the first time since 1999. Farm Minister Sharad Pawar reiterated that
position on Friday.
The farm ministry has pegged 2005 wheat production at 72.1 million tonnes,
close to the output a year ago. The next crop will be planted in November
and harvested after mid-March.
Analysts said a prolonged delay in a decision on imports could lead to a
flaring up of prices. India levies a 60 percent customs duty on wheat,
making it unviable for private traders to import, and the industry has been
speculating that the government might ease the tariffs.
The Food Ministry said as of Sept. 1, India had 11.3 million tonnes of
wheat and 7.07 million tonnes of rice. Indians tend to consume about
1.5million tonnes of wheat a month but consumption increases in the
north in the winter months, beginning November.
Food Ministry officials say the government has already started replacing
wheat with rice to meet food-for-work programmes in southern and eastern
India, were more rice is consumed.
"The government will take a call on imports after mid- November, depending
on the area under wheat plantings, soil moisture and prevailing wheat
prices," said G. Chandrasekhar, a Bombay-based commodities analyst.
Traders said wheat prices had climbed by about 10 percent in the last year
but could rise faster as stocks are depleted.
Wheat futures are now about 800 to 810 rupees per 100 kg at the country's
major exchanges.
http://independent-bangladesh.com/news/oct...02005bs.htm#A25
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