WHEAT: WORLD MARKETS AND TRADE
MONTHLY HIGHLIGHTS: See PDF version for charts
Indian Imports Jump: India’s wheat imports are revised up this month to 6 million tons, the highest in 30 years. This would make India the world’s fourth largest importer after Egypt, Brazil, and the European Union. Very tight beginning stocks and smaller production have caused prices to surge, and the State Trading Corporation of India (STC) has recently issued the fifth wheat import tender this year. With this, the total quantity tendered for imports by the STC has reached 5.5 million tons. In addition, the Minerals and Metals Trading Corporation of India (MMTC), another public sector trading company, imported 50,000 tons. Private millers and traders are also importing smaller quantities of wheat for milling and these private sector imports are expected to be as high as half a million tons this year
Domestic: For August, prices rose, especially at the end of the month as supplies continued to tighten in many of the world’s major exporters. For soft wheat, very strong export demand also supported prices; sales of Soft Red Winter are currently up 46 percent from last year, Soft White sales are up 20 percent. For the month, Soft Red Winter (SRW) prices rose $17 and Soft White (SWW) prices rose $9 per ton. Hard Red Winter (HRW) rose $4 per ton, while Hard Red Spring (HRS) prices fell $3 per ton.
TRADE CHANGES IN 2006/2007
Return to Table of Contents
Last modified: Wednesday, September 13, 2006