Indian wheat expects knock-back
BAD weather and a reduction in land under crop is set to hit Indias wheat production this year.
The Financial Times reports wheat production ion 1998 is expected to total 64.5 million tonnes, compared with 68.71m tonnes last year. The official production target for the current year is 68.5m tonnes.
The new federal Government has approved the import of 1.5m tonnes of wheat from Australia by the State Trading Corporation of India, a Government agency, at $142.50/ t (£85.33/ t).
The United States is keen to re-enter the Indian market following crop disease concerns in 1993, but Canada could be Indias first choice, according to some analysts.
The weather has also affected Indias mango production, with prices of the fruit expected to rise sharply. Unseasonal conditions is delaying this seasons crop for six weeks until May.
- Financial Times 15/04/98 page 37