India has authorized the export of 500 thsd tons of wheat flour
On January 16, the Indian government authorized the export of 500,000 tonnes of wheat flour and related products, Reuters reported.
Indian companies can apply for export permits from January 21 to 31, and then during the last 10 days of each month. Export permits will be valid for six months from the date of issue.
India, the world’s second-largest wheat consumer, banned wheat exports in May 2022 after a sharp rise in temperatures in February and March reduced the wheat yield and gross harvest, and domestic prices reached a record high.
This year, India’s gross wheat harvest could exceed last year’s record (117.94 million tonnes) due to expanded planting area and favorable weather conditions. As of January 9, wheat planting area in India had increased by approximately 2% to 33.42 million hectares. An oversupply of wheat on the domestic market could lead to a fall in prices.
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