Wheat exports stepped up to cash in on high global prices
With these, nearly 1.5 million tonnes of wheat have been contracted for exports from official reserves since July, of which around 800,000 tonnes have been shipped out, the sources said.
US wheat futures scaled their highest in almost two weeks on Tuesday after the USDA said on Monday that the condition of the winter wheat crop affected by rough weather fell to an all-time low for late November. December wheat on the Chicago Board of Trade gained 0.9% to $8.56-3/4 per bushel after hitting a session high of $8.57-3/4 a bushel, its highest since November 14.
* MMTC got highest bid at $322.13 a tonne for exports while PEC and STC got bids at $324 and $322.22 a tonne, respectively
* Nearly 1.5 million tonnes have been contracted for exports from official reserves and 800,000 tonnes have been shipped out
* EGoM to consider allowing 1.5 million tonnes more for exports from central reserves, on top of the 2 million tonnes already approved
* Officials hope no subsidy has to be offered as global prices may soar or stay at elevated levels on rough weather in the US and Russia
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