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Within hours of curbs, domestic traders claim wheat rates are softening

Within hours of curbs, domestic traders declare wheat prices are softening

BRAND-NEW DELHI: The Centre on Saturday put numerous measures including strict controls on wheat exports. However, food secretary Sudhanshu Pandey stated, “International need was increasing and various nations were putting restrictions. Sentiments were driving costs. We are positive now the beliefs will lower the prices.”
Within hours of the measures being announced, domestic traders claimed that rates had actually started softening. Prices stopped by Rs 100-150 a quintal throughout several states, according to the Roller Flour Millers’ Federation of India. “We are directing the wheat sell a specific instructions. We do not want the wheat to enter an uncontrolled way to locations where it may get just hoarded or where it may not be utilized to the function which we are hoping it would be used for,” commerce secretary BVR Subrahmanyam stated, while discussing the rationale for putting exports under the “forbidden” classification.
On Friday, TOI was the very first to report about the proposed export curbs following discussions in a ministerial panel headed by house minister Amit Shah.
This year, with private traders going into the market in a big way, government procurement for the food security programme is expected to be around 57% lower at 185 lakh tonnes, the most affordable in a minimum of 13 years. Higher exports, recognized as a major focus just a month back, led to lower procurement by the government, along with crop damage due to the early start of summer season adding to the supply constraints globally.
Pandey, however, sought to guarantee that there were appropriate stocks to fulfill domestic requirements. Versus the buffer requirement of 75 lakh tonnes, stocks at the start of April were estimated at 190 lakh tonnes.
Together with export curbs, the federal government presented other actions, even more decreasing wheat allocation to states under the National Food Security Act (NFSA). Previously, it had lowered the wheat allotment for 11 states by 60% under PM Garib Kalyan Yojna, which is functional till September. On Friday, the food ministry again revised the allotment of wheat for 10 states under the food security plan, NFSA. This standard will apply till March, 2023. As per the modified norms, the overall allocation of wheat to these states under NFSA will be 9.4 lakh tonnes each month till March, compared to earlier allowance of 15.4 lakh tonnes, a drop of nearly 40%. This will save around 110 lakh tonnes of extra wheat that can be provided with the federal government in its stocks to meet any exigencies.
While the government preserved it had not banned export of wheat, an alert by the directorate general of foreign trade stated that deliveries out of the country will be permitted on a government-to-government basis to vulnerable and neighbouring countries. In addition, exports for which irreversible letters of credit have actually been provided, will be allowed.
Officials clarified this will enable exports to neighbouring countries such as Bangladesh and Nepal, however consignments to China and Pakistan may not be permitted. In the middle of reports that China was hoarding wheat and other foodgrains due to a spurt in worldwide costs, Subrahmanyam refused to talk about the issue.

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Released at Sat, 14 May 2022 21:33:17 +0000

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