Wheat exports set for record, shipments more than double over last season

India is one of the largest producers of wheat but sells little abroad. Export restrictions in Russia and surging prices across major sellers is set to make it the 9th largest shipper.

Representational image of wheat sacks at a warehouse | ANI

India is making a rare appearance near the ranks of the world’s wheat-trade heavyweights this season.

The country is expected to ship a record 7 million tons in the 2021-22 year, the U.S. Department of Agriculture forecast on Wednesday. That’s more than double the prior season and will rank the nation as the world’s ninth-largest shipper.

India is one of the world’s biggest producers of the grain, but typically sells little abroad. This season, surging prices across major shippers and export restrictions in Russia helped boost the appeal of its supply, with cargoes making inroads in nearby markets like Bangladesh.

“India’s export pace continues to be robust, and its prices are competitive in Asian markets,” USDA said in its monthly world supply and demand report. – Bloomberg.