Sunday, Jun 26, 2005
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Gargi Parsai
NEW DELHI: At a time when India might look at importing wheat towards the year-end, there comes the forecast that world cereal trade is set to decline slightly in the 2005-06 marketing season. Despite the tight demand and supply position globally, cereal prices are now well below their levels a year ago, mainly reflecting large export availabilities, says the Food and Agriculture Organisation of the United Nations. The FAO has put global cereal trade in 2005-06 at 230 million tonnes, about 1.3 per cent below the previous season, mainly due to lower wheat import demand. The prediction is made in FAO's Food Outlook which makes quarterly forecasts as part of global information and early warning system. Wheat output in India this rabi season is estimated at 72 million tonnes, almost matching last year's level of 72.1 million tonnes. This is about two million tonnes short of initial estimates. The crop suffered due to hail and disease in parts of Punjab and Haryana close to the harvesting time. In addition, procurement of wheat by government agencies this reason has also fallen short by two million tonnes, ostensibly due to hoarding by private trade for speculation.
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