Wheat arrivals in India across various Agriculture Produce Marketing Committee (APMC) yards increased to a 12-year-high during the August-September period, reported Businessline on Wednesday. Wheat arrivals increased by 57 per cent to 2.27 million tonnes (MT) against 1.44 MT during the same period last year.
This comes at a time when wheat stocks with the Food Corporation of India (FCI) have dropped to a six-year low, and are at 24.82 MT.
According to agriculture ministry’s data, wheat arrivals are the highest since 2010 when the quantity was 4.38 MT.
Meanwhile, wheat arrivals from April to August are at a three-year high of 20.90 MT, reported Businessline.
During the same period, the wheat arrivals in 2019, 2020, and 2021 stood at 22.95 MT, 15.19 MT, and 17.51 MT, respectively.
Wheat prices have nearly stabilised as the average rate, same as September first week, is currently Rs 2,304.52 a quintal. In May the prices were at a record high, over Rs 2,500 a quintal, due to a rise in export demand amid the Ukraine war. This led to a 56 per cent drop in FCI wheat procurement, to 18.9 MT this year against 43.44 MT a year ago.
Due to the drop, the central government banned wheat exports from May 13.
The wheat prices also increased due to an effect in crop yield led by a heatwave across the nation during the March-April period. The wheat production dropped this year due to a heatwave from the initially estimated 111.43 MT.