October 30, 2014

30/10/2014: India ups prices for its wheat growers

The India government has raised the price it will pay to buy new-season wheat from local farmers by 3.57 percent to 1450 rupees per 100kg, encouraging the crop even though supply has exceeded demand for eight years, reports Reuters online.


India, the world's second-biggest wheat consumer, sets a price each year to protect domestic farmers from distress sales and to cover emergency needs. It uses the grain to sell food to the poor at low prices.

The government also raised the support price for new-season rapeseed, the main winter-sown oilseed, to 3100 rupees per 100kg from 3050 rupees a year earlier.

State governments buy oilseeds only when prices fall below the support rate and can claim reimbursements from the central government.

Imports account for nearly 60 percent of India's annual edible oil demand of 18-19 million tonnes, making it the world's biggest buyer.

Read more HERE.

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