NEW DELHI, INDIA — India signed agreements in recent days to export about 500,000 tonnes of wheat as international prices rally, Reuters reported. The nation is the second largest producer of wheat.
Buyers are seeking alternatives to Black Sea exports as Russia’s invasion of Ukraine threatens supplies from the two nations that together supply 30% of the world’s wheat exports.
India has significant wheat inventories after five consecutive record annual crops. A guaranteed high domestic price from the government of about $257 per tonne typically deters exports unless world prices are high.
India is expected to export a record 7 million tonnes of wheat this year.
Traders, who did not want to be named, told Reuters that most suppliers have signed deals at around $340 to $350 a tonne free on board.
