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India to import wheat
The Indian government has directed the State Trading Corporation to import one million tonnes of wheat by July to ensure sufficient availability of the foodgrain in the country.

"Action may be initiated by the STC for import of one million tonnes of wheat, in suitable tranches, by July 2007, since there can be no compromise on food security," Minister of State for Agriculture Akhilesh Prasad Singh informed the lower house of parliament in a written reply on Monday.

As of April 26, 7.38 million tonnes of wheat was procured in Rabi Marketing Season 2007-08. Wheat stock in the central pool as on March 31, 2007 was 4.563 million tonnes, Singh said.

STC has imported 4.91 million tonnes of wheat for the central pool between January 2004 and January 2007.

The government has issued the Wheat (Stock declaration by companies or firms or individuals) Order 2007, as per which any company or firm or individual that purchases wheat beyond 50,000 tonnes during the Rabi Marketing Season 2007-08 would be required to furnish periodical returns to the Centre about quantity purchased and held in stock, he said in reply to another question.

Responding to another query, Singh said while the government would not use hedging at the global level to meet any wheat shortage in the country, an Empowered Committee of experts would be constituted to advise the Food Corporation of India (FCI) for using overseas wheat derivatives market.

FCI has procured 20.601 million tonnes of rice during Kharif Marketing Season (October 2006 to March 2007) and is likely to procure a further 4.960 million tonnes of wheat until the commencement of the next Kharif season, he added.
MGR Archive 2.5.2007
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Region Type Price  
Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
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