Indian market opens to Ukrainian wheat

14.09.2016

In the 2016/17 season India will become wheat net importer for the first time in six years. In the current season USDA estimates wheat production in India at the lowest level since the 2012/13 marketing year. Moreover, over the past five seasons domestic wheat consumption in the country has increased by 10 MMT (by 4.5 MMT since the last season).

Meanwhile, wheat stocks in India are the lowest over the past nine seasons, which in turn support domestic wheat prices. Moreover, last season India’s government raised wheat import duty from 10% to 25% until the end of September 2016.

Nevertheless, since the beginning of season 2016/17 India has increased wheat imports even with the import duty. This season Ukraine has already entered the list of key wheat suppliers to India...

Full version of the article is available to subscribers for weekly market report “Black Sea Grain & Oil” and “Online market review” by UkrAgroConsult.

 

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