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Granaries overflow with wheat on record buys

Granaries overflow with wheat on record buys
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First Published: Mon, Feb 23 2009. 09 19 PM IST
Updated: Mon, Feb 23 2009. 09 19 PM IST
New Delhi: India, the world’s second biggest wheat producer, must empty its warehouses to make space for the grain that will be bought from farmers starting 1 April after record purchases swelled granaries.
We have a problem of storage this year, agriculture minister Sharad Pawar said at a conference of growers in New Delhi on Monday.
Mounting stockpiles may prompt the government to lift a three-year ban on exports of wheat, likely weighing on prices that have declined 52% the past year in Chicago. The government will in the next 10 days decide on ending the curbs, Pawar had informed Parliament on 20 February. Warehouses held 18.2 million tonnes (mt) of wheat on 1 January, more than the 8.2 mt needed to meet shortages.
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First Published: Mon, Feb 23 2009. 09 19 PM IST
More Topics: Commodity | Wheat | Grain | Farmers | Granaries |