Developing Countries Will Lead Global Rice Import Growth in 2013-22, Says USDA Rice growers positive California MG prices are UP Russia MG Harvest coming to end Egypt open rice exports Vietnam’s rice export in tough competition with India Thai rice exports in May Rise Above Target This Year Viet-Nam Rice exports likely to fall this year
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Wheat imports to cost more on higher freight charges
India, the world’s second-biggest wheat consumer, may have to pay at least a third more than it did last year to buy the grain because of higher freight costs and an increase in global prices of the commodity. The Centre may receive offers at between $264-$281 a metric tonne to import 1 million tonne wheat in a tender that closes on May 21. That compares with an average $205.31 a tonne buyers paid last year.

India is buying wheat for a second year to boost reserves as demand exceeds production. The purchases come at a time when freight rates have climbed to more than a two-year high as China and India, the world’s two most-populous nations, buy more grain and iron ore. Wheat prices have advanced 16% in the past year as bad weather damaged crops from US to Australia. “The freight market is on the boil,” said Atul Chaturvedi, president at Adani Enterprises Ltd, which trades agricultural commodities, chemicals and metals. “Freight is going to make wheat expensive for India.”

The Baltic Dry Index, an overall measure of commodity- shipping costs, has risen 48% this year. Cargill Inc, the largest US agricultural company, AWB Ltd and Glencore AG may offer to sell wheat at prices ranging from $260-$300 a tonne depending on the port of delivery and the origin of the wheat, the survey showed. They were among the companies that won bids last year to sell 6.5 million tonne, the first time India imported the grain in six years.

India’s wheat imports may total 5 million tonne this year, Union agriculture minister Sharad Pawar said on May 12. Output may exceed 73.7 million tonne. That may not be enough to cover demand forecast to reach 75.5 million tonne as rising incomes spur consumption of breakfast cereals and biscuits. Bloomberg

“Consumption is growing even in traditionally non-wheat eating regions like the South and Northeast and that’s created a mismatch,” said Rahaman KN, an analyst at IL&FS Investsmart Commodities Ltd in Mumbai. “India is in a difficult situation again this year. The government may continue to import to keep prices under check.”

Wheat futures for July delivery rose 0.7% to $4.885 a bushel in after hours trading on the Chicago Board of Trade.
MGR Archive 20.5.2007
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Russia Rapan $ 700
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