BAFL 53.19 Increased By ▲ 3.16 (6.32%)
BIPL 22.90 Increased By ▲ 0.49 (2.19%)
BOP 5.67 Increased By ▲ 0.25 (4.61%)
CNERGY 5.12 Increased By ▲ 0.07 (1.39%)
DFML 19.35 Increased By ▲ 0.17 (0.89%)
DGKC 80.54 Increased By ▲ 0.39 (0.49%)
FABL 33.11 Increased By ▲ 0.26 (0.79%)
FCCL 20.25 No Change ▼ 0.00 (0%)
FFL 10.48 Increased By ▲ 0.83 (8.6%)
GGL 13.61 Increased By ▲ 0.01 (0.07%)
HBL 129.52 Increased By ▲ 8.18 (6.74%)
HUBC 123.38 Increased By ▲ 0.88 (0.72%)
HUMNL 8.04 Increased By ▲ 0.04 (0.5%)
KEL 4.43 Increased By ▲ 0.46 (11.59%)
LOTCHEM 28.01 Decreased By ▼ -0.07 (-0.25%)
MLCF 42.71 Increased By ▲ 0.51 (1.21%)
OGDC 125.38 Increased By ▲ 4.05 (3.34%)
PAEL 21.33 Increased By ▲ 1.10 (5.44%)
PIBTL 6.11 Increased By ▲ 0.31 (5.34%)
PIOC 118.47 Increased By ▲ 2.57 (2.22%)
PPL 113.85 Increased By ▲ 3.10 (2.8%)
PRL 31.80 Increased By ▲ 2.22 (7.51%)
SILK 1.10 Increased By ▲ 0.02 (1.85%)
SNGP 69.44 Increased By ▲ 0.41 (0.59%)
SSGC 13.76 Increased By ▲ 0.06 (0.44%)
TELE 9.16 Increased By ▲ 0.41 (4.69%)
TPLP 14.79 Increased By ▲ 0.12 (0.82%)
TRG 92.45 Increased By ▲ 1.15 (1.26%)
UNITY 27.47 Increased By ▲ 0.22 (0.81%)
WTL 1.67 Increased By ▲ 0.04 (2.45%)
BR100 6,815 Increased By 167.1 (2.51%)
BR30 24,245 Increased By 677 (2.87%)
KSE100 66,224 Increased By 1505.6 (2.33%)
KSE30 22,123 Increased By 529.1 (2.45%)

MUMBAI: India raised its wheat production estimate on Wednesday even as other forecasters and traders were scaling down output numbers because of a heatwave.

The world’s second biggest grains producer harvested 106.84 million tonnes of wheat in 2022, slightly higher than the previous estimate of 106.41 million tonnes, the government said in its latest estimate released by the farm ministry.

The US Department of Agriculture’s Foreign Agricultural Service has pegged India’s production at 99 million tonnes, while traders estimated output fell to as low as 95 million tonnes because of the heatwave.

Local wheat prices jumped to a record 24,309 Indian rupees ($306) per tonne on Wednesday.

CBOT wheat may fall to $7.65-1/2

That was up nearly 15% from recent lows that followed the government’s surprise ban on exports on May 14, ending hopes that India could fill the market gap left by missing Ukraine grain.

The government’s lower wheat procurement and rising local prices are indicating a sharp drop in production, said a Mumbai-based dealer with a global trading firm.

“Its very difficult to believe in the government number of 106.84 million tonnes. Production could be around 95 million tonnes,” he said. India’s wheat procurement fell 57% from a year ago to 18.8 million tonnes.

The south Asian country could scrap a 40% duty on wheat imports and cap the amount of stocks traders can hold to try to dampen record high domestic prices, government and trade officials said last week.

India also on Wednesday raised its rice production estimate for 2021/22 crop to 130.29 million tonnes from 129.66 million tonnes.

Comments

Comments are closed.

India raises wheat output estimate but local prices surge

Sukuk receives Rs479bn participation against Rs30bn target

Q1: Provinces’ budget surplus dips 76pc YoY

Debt servicing: CPHGCL urges CPPA-G to make Rs25.4bn payment

‘$100bn export vision’: EAC charts course

145 govt organisations: FBR defines ‘economic transaction’ for maintaining data

SPV 21 seeks govt help to assert its position regarding KE

5G will be arriving in July next year, says minister

‘Regulatory Sandbox’: SBP issues guidelines

Dar seeks global collaboration for economic prosperity

Receivables of PSO against PIA reach Rs27.5bn