https://www.youtube.com/watch?v=0iTfQIdwMeA

Synopsis
The country is the top global producer of wheat after China and has the potential to ship 12 mn tons to the world market in the 2022-23 year, the most on record, according to the median of five estimates in a Bloomberg survey of traders, millers and analysts. That compares with shipments of 8.5 million tons in 2021-22, U.S. Department of Agriculture data show.

In a world where people are concerned more than ever about food shortages and rising inflation, India’s warehouses are brimming over with grain and the country’s farmers are gearing up for yet another record harvest.
The country is the top global producer of wheat after China and has the potential to ship 12 million tons to the world market in the 2022-23 year, the most on record, according to the median of five estimates in a Bloomberg survey of traders, millers and analysts. That compares with shipments of 8.5 million tons in 2021-22, U.S. Department of Agriculture data show.

Prices of farm commodities were already on a tear before the Russian invasion of Ukraine as drought shriveled global harvests and demand increased, helping send world food costs to the highest on record. The war made matters even worse because it has choked shipments from one of the planet’s top producing regions, cutting off more than a quarter of the world’s wheat supplies.

“Indian wheat exports help the market in a tight world supply situation,” said Vijay Iyengar, chairman and managing director of Singapore-based Agrocorp International, which trades about 12 million tons of grain annually. “It helps to keep a lid on global prices as well. If India wasn’t exporting wheat in large quantities, prices would have probably escalated further.”

Benchmark wheat prices in Chicago surged to an all-time high of $13.635 a bushel this month after the Russian invasion, compared with an average of only around $5.50 a bushel in the five years through the day preceding the attack.

Tightening supply and rising prices for grain from major exporting countries have made Indian wheat competitive for the first time in years. With ballooning inventories after five straight record crops, India has a huge exportable surplus. That will be crucial for importers in North Africa and the Middle East where soaring food prices sparked violent uprisings more than a decade ago.

While India has tended to ship wheat mostly to neighboring countries such as Bangladesh and to some Middle Eastern markets, exporters are now likely to find buyers across Africa and in other areas of the Middle Eastern region.

“Practically every market needs to consider Indian wheat now, particularly in the vicinity of Asia, Africa and the Middle East,” said Iyengar, who has traded commodities for more than three decades. “We have not seen this kind of frenzy for Indian wheat in the global market before.”

India is in final talks to start wheat shipments to Egypt, the world’s top buyer, while discussions are in progress with countries such as China, Turkey, Bosnia, Sudan, Nigeria and Iran, the commerce ministry said this month. Wheat exports from India were already up more than fourfold to about 6 million tons in the 10 months through January from a year earlier, government data show.

Shipping times to the Middle East will be longer than from traditional Black Sea exporters Ukraine and Russia, but India is well positioned to step in as a low-cost wheat supplier, according to the USDA’s Foreign Agricultural Service.

State-run warehouses held more than 23 million tons of wheat at the beginning of March, about three times the level required by the government for this time of year, Food Corp. of India data show.

https://m.economictimes.com/news/economy/foreign-trade/booming-wheat-exports-from-india-to-help-ease-global-shortage/articleshow/90506388.cms

To Nigeria

Congratulations to the Cameroonians Living in the States....

It's your time, make una enjoy the Biden Administration ...

Let's hope they consider Nigerians too

Interesting

time to go find wheat stocks

Russia NL nitwits will cry on reading this breaking news

They can relocate from NL in Nigeria to Russia to help putin grow his wheat for him.

I said what I said russia is a village compared to USA

Damnnn niggar
Isoright

Good one from India

Putin wanted the world to starve

P

Nice one. India is trying these days. Doing business in India no easy Sha. They have crazy polices to protect their country which isn't a bad idea. Incase you have anything to buy or ship from India to Nigeria and payment services to India. We can get it done for you. You can check our signature below for more informations about us. Thanks.

Russia go suffer

Good

Like for India share for Russia

E

This should have been an opportunity for Nigeria to showcase its potentials to the world via its exports but rather a dirty part of the country are discussing a 93 year old Bourdilon fraudster who mortgaged the future of his children for over 22 years to come and lead them.

Africans are exceptionaly lazy

Indian has always been better than most countries. . .

No wonder India is is sitting on the fence on the war BTW Ukraine and Russia, they already imagined what they'll benefit.

Grgton:
Indian has always been better than most countries. . .

What's your backward useless worthless shithole imo known for?

Nothing great in this.India is becoming increasingly close to Russia and that's bad.