Grain Highlights 27.06.2024

The government of India has introduced limits on the maximum amount of wheat that traders can store.

- The government of India has introduced limits on the maximum amount of wheat that traders can store. In exchange warehouses, up to 3,000 tons of wheat can be stored, while retailers are limited to 10 tons per point of sale. These amounts are insignificant compared to the annual consumption in India. The goal is to curb the rise in prices. In recent weeks, wheat prices in the country have continued to rise due to concerns about shortages. Authorities indicate that they may allow imports.

- The government of India has permitted the import of 0.5 million tons of corn and 150,000 tons of rapeseed and sunseed oil within tariff quotas.

- South Korean company NOFI has purchased 135,000 tons of feed wheat originating from South America at a price of 240.06 USD/ton, with delivery scheduled for September to October.

- Algeria has purchased 130,000 to 150,000 tons of milling wheat, likely from Russia, Ukraine, Romania, and Bulgaria, at prices of 248 to 250 USD/ton C&F, with delivery in August to September.

- The government of Thailand is making decisions to reduce the import of corn into the country. Plans are in place to expand the cultivation area to 395,000 hectares. The country annually consumes 8.9 million tons of corn, with domestic production at 5 million tons.