India seen buying 2-3 mln T of wheat in 2017/18
India is likely to import 2 mln-3 mln tonnes of wheat in the year to June 2018, said Sumit Gupta, India business manager for U.S. brokerage McDonald Pelz, after making its biggest purchases in a decade this year.
India has already bought about 5 mln tonnes of wheat since June last year on domestic supply shortfall after two years of lower production.
“Production is expected to rise this year by about 10 mln tonnes from last year,” he told an industry event in Singapore. “Stocks are still tight and imported wheat is cheaper.”
He estimated Indian wheat output at around 92-93 mln tonnes for the crop that will be harvested next month.
Bangladesh is likely to import around 4.2 mln tonnes in 2017/18, up from an estimated 3.8 mln-4.0 mln tonnes this year.