PSUs contract 11.5 lakh tonnes of FCI wheat for export so far

New Delhi, Nov 20. The public trading agencies have contracted about 11.5 lakh tonnes of FCI wheat for exports and have shipped about seven lakh tonnes so far. To clear surplus stocks in the Food Corporation of India (FCI), the Centre has allowed export of 20 lakh tonnes of wheat through PSUs such as MMTC, STC and PEC by March 2013. "Out of 20 lakh tonnes, as much as 11.5 lakh tonnes has been contracted for export and about 7 lakh tonnes has been shipped so far," a senior Food Ministry official told PTI. The PSUs hope to give contracts for the rest of the quantity by February next year, the official said. Much of Indian wheat exports have so far been to neighbouring Bangladesh followed by South Korea, Thailand, Vietnam, Indonesia, Yemen, Oman, Jakarta, among others. Wheat shipments from India have fetched higher price in the range of USD 300-319 per tonne. Recently, a tender was awarded at USD 315 a tonne, higher than USD 308 a tonne quoted on the Chicago Board of Trade (CBoT). "A few months back, Indian wheat was quoted lower by USD 30 a tonne compared to CBoT price. Now, we are getting good price as global buyers are confident that India is coming up as an assured and long-time supplier," the official said. Wheat stocks in the central pool stood at 405 lakh tonnes, as on November 6, almost double the 212 lakh tonnes of the actual buffer requirement for the same period. The government godowns are overflowing due to a record production and procurement in the last two consecutive years. (PTI)