Government Plans To Buy 24 Mt Of Wheat (15-Feb-2010)
The government is planning to buy 24 million tonne (mt) of wheat for its central pool in the rabi season after assessing the inputs and estimates of the state governments, with the crop due for harvesting from April.
The government last year had procured 25.3 mt. However, in this year, the purchase by the government may rise depending on prices during April-June, which is the harvesting period of rabi wheat crop, the official said.
Wheat sells for more than the floor price of 1,360 rupees ($29) per 100 kilograms, which is above the minimum support price (MSP). The price has been fixed at 1,100 rupees per 100 kilograms for this season. If during the harvesting period, these high rates continue to prevail, then the farmers are unlikely to sell the grain to Food Corporation of India, government's nodal foodgrains procurement agency.
The government has fixed wheat MSP at Rs 1,100 per quintal this year.
The official said that the increase or fall in the procurement of wheat by the government would depend entirely on the prices. This year, the country's output of wheat is estimated at 80.28 mt, marginally less then 80.68 mt in 2008-09 season.
According to government data, the wheat acreage stood at 27.76 million hectares as on Feb. 4, as against 27.59 million hectares during the same period last year.
The government purchases grains at guaranteed rates from farmers in order to sell to the poor. The country is the world's second-biggest producer and consumer of wheat.
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