World Grain - November 2023 - 34
FEATURE: INDIA PULLS WHEAT, RICE OFF THE GLOBAL MARKET
Despite banning wheat
exports, Indian domestic wheat
prices still increased in 2023.
Oscar Tjakra, senior research analyst, RaboResearch
Interestingly, although the government has flooded
the market with highly subsidized wheat from state
stockpiles and has kept the export ban in place, it
has been unable to bring food inflation down to its
desired level.
Tjakra said that in addition to supplying wheat to
the poor at a steep discount, the government in April
2020 started providing free wheat to the millions
of beneficiaries to stave off food shortages during
COVID-19 lockdowns.
" The free distribution of grain led to a drawdown
in the government's food stocks, and lower wheat
output in 2022 and 2023 meant slower-than-expected
replenishment of inventories at state warehouses, "
he said, noting that although government
wheat stockpiles on Sept. 1, 2023, were 1.2 million
tonnes higher than the previous year at 26.04 million
tonnes, it was still lower than the 10-year average.
" Despite banning wheat exports, Indian domestic
wheat prices still increased in 2023, " Tjakra said.
" Domestic wheat prices in India reached their highest
point in nearly eight months in September 2023. "
Tjakra said the decision to ban exports isn't only
tied to supply and demand fundamentals. There's a
political element as well.
" It doesn't seem the Indian government will lift
the rice and wheat export bans anytime soon, " Tjakra
said. " The government will most probably only lift
these bans after the election next year. "
Food inflation, which accounts for nearly half
of the overall consumer price basket in India, rose
6.56% in September as compared with 9.94% in
August. September inflation was above the Reserve
Bank of India's (RBI) upper tolerance band of 2%
to 6%.
When India decides it has adequate wheat stocks
and food prices decline to acceptable levels, it has a
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34
November 2023 / World Grain / World-Grain.com
http://www.lelandindustries.com
World Grain - November 2023
Table of Contents for the Digital Edition of World Grain - November 2023
World Grain - November 2023 - Intro
World Grain - November 2023 - 1
World Grain - November 2023 - 2
World Grain - November 2023 - 3
World Grain - November 2023 - 4
World Grain - November 2023 - 5
World Grain - November 2023 - 6
World Grain - November 2023 - 7
World Grain - November 2023 - 8
World Grain - November 2023 - 9
World Grain - November 2023 - 10
World Grain - November 2023 - 11
World Grain - November 2023 - 12
World Grain - November 2023 - 13
World Grain - November 2023 - 14
World Grain - November 2023 - 15
World Grain - November 2023 - 16
World Grain - November 2023 - 17
World Grain - November 2023 - 18
World Grain - November 2023 - 19
World Grain - November 2023 - 20
World Grain - November 2023 - 21
World Grain - November 2023 - 22
World Grain - November 2023 - 23
World Grain - November 2023 - 24
World Grain - November 2023 - 25
World Grain - November 2023 - 26
World Grain - November 2023 - 27
World Grain - November 2023 - 28
World Grain - November 2023 - 29
World Grain - November 2023 - 30
World Grain - November 2023 - 31
World Grain - November 2023 - 32
World Grain - November 2023 - 33
World Grain - November 2023 - 34
World Grain - November 2023 - 35
World Grain - November 2023 - 36
World Grain - November 2023 - 37
World Grain - November 2023 - 38
World Grain - November 2023 - 39
World Grain - November 2023 - 40
World Grain - November 2023 - 41
World Grain - November 2023 - 42
World Grain - November 2023 - 43
World Grain - November 2023 - 44
World Grain - November 2023 - 45
World Grain - November 2023 - 46
World Grain - November 2023 - 47
World Grain - November 2023 - 48
World Grain - November 2023 - 49
World Grain - November 2023 - 50
World Grain - November 2023 - 51
World Grain - November 2023 - 52
World Grain - November 2023 - 53
World Grain - November 2023 - 54
World Grain - November 2023 - 55
World Grain - November 2023 - 56
World Grain - November 2023 - 57
World Grain - November 2023 - 58
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World Grain - November 2023 - 60
World Grain - November 2023 - 61
World Grain - November 2023 - 62
World Grain - November 2023 - 63
World Grain - November 2023 - 64
World Grain - November 2023 - 65
World Grain - November 2023 - 66
World Grain - November 2023 - 67
World Grain - November 2023 - 68
World Grain - November 2023 - 69
World Grain - November 2023 - 70
World Grain - November 2023 - 71
World Grain - November 2023 - 72
World Grain - November 2023 - 73
World Grain - November 2023 - 74
World Grain - November 2023 - 75
World Grain - November 2023 - 76
https://digital.world-grain.com/sosland/wg/world-grain-december-2024
https://digital.world-grain.com/sosland/wg/world-grain-november-2024
https://digital.world-grain.com/sosland/wg/world-grain-october-2024
https://digital.world-grain.com/sosland/wg/world-grain-september-2024
https://digital.world-grain.com/sosland/wg/world-grain-august-2024
https://digital.world-grain.com/sosland/wg/world-grain-july-2024
https://digital.world-grain.com/sosland/wg/world-grain-june-2024
https://digital.world-grain.com/sosland/wg/world-grain-may-2024
https://digital.world-grain.com/sosland/wg/world-grain-april-2024
https://digital.world-grain.com/sosland/wg/world-grain-march-2024
https://digital.world-grain.com/sosland/wg/world-grain-february-2024
https://digital.world-grain.com/sosland/wg/world-grain-january-2024
https://digital.world-grain.com/sosland/wg/world-grain-december-2023
https://digital.world-grain.com/sosland/wg/world-grain-november-2023
https://digital.world-grain.com/sosland/wg/world-grain-october-2023
https://digital.world-grain.com/sosland/wg/world-grain-september-2023
https://digital.world-grain.com/sosland/wg/world-grain-august-2023
https://digital.world-grain.com/sosland/wg/world-grain-july-2023
https://digital.world-grain.com/sosland/wg/world-grain-june-2023
https://digital.world-grain.com/sosland/wg/world-grain-may-2023
https://digital.world-grain.com/sosland/wg/world-grain-april-2023
https://digital.world-grain.com/sosland/wg/world-grain-march-2023
https://digital.world-grain.com/sosland/wg/world-grain-february-2023
https://digital.world-grain.com/sosland/wg/world-grain-january-2023
https://digital.world-grain.com/sosland/wg/world-grain-december-2022
https://digital.world-grain.com/sosland/wg/world-grain-november-2022
https://digital.world-grain.com/sosland/wg/world-grain-october-2022
https://digital.world-grain.com/sosland/wg/world-grain-september-2022
https://digital.world-grain.com/sosland/wg/world-grain-august-2022
https://digital.world-grain.com/sosland/wg/world-grain-july-2022
https://digital.world-grain.com/sosland/wg/world-grain-june-2022
https://digital.world-grain.com/sosland/wg/world-grain-may-2022
https://digital.world-grain.com/sosland/wg/world-grain-april-2022
https://digital.world-grain.com/sosland/wg/world-grain-march-2022
https://digital.world-grain.com/sosland/wg/world-grain-february-2022
https://digital.world-grain.com/sosland/wg/world-grain-january-2022
https://digital.world-grain.com/sosland/wg/world-grain-december-2021
https://digital.world-grain.com/sosland/wg/-world-grain-november-2021
https://digital.world-grain.com/sosland/wg/world-grain-october-2021
https://digital.world-grain.com/sosland/wg/world-grain-september-2021
https://digital.world-grain.com/sosland/wg/world-grain-august-2021
https://digital.world-grain.com/sosland/wg/world-grain-july-2021
https://digital.world-grain.com/sosland/wg/world-grain-june-2021
https://digital.world-grain.com/sosland/wg/world-grain-may-2021
https://digital.world-grain.com/sosland/wg/world-grain-april-2021
https://digital.world-grain.com/sosland/wg/world-grain-march-2021
https://digital.world-grain.com/sosland/wg/world-grain-february-2021
https://digital.world-grain.com/sosland/wg/2021_01_01
https://digital.world-grain.com/sosland/wg/2020_12_01
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https://www.nxtbook.com/sosland/wg/2015_04_01
https://www.nxtbook.com/sosland/wg/2015_03_01
https://www.nxtbook.com/sosland/wg/2015_02_01
http://digital.world-grain.com/sosland/wg/2015_01_01
http://digital.world-grain.com/sosland/wg/2014_12_15
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https://www.nxtbook.com/sosland/wg/2011_03_01
http://digital.world-grain.com/sosland/wg/2011_02_01
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http://digital.world-grain.com/sosland/wg/2010_12_01
http://digital.world-grain.com/sosland/wg/2010_11_01
http://digital.world-grain.com/sosland/wg/2010_10_01
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