India’s wheat harvest has fallen roughly 10% lower than the government’s official estimate, says the Roller Flour Millers’ Federation. The trade group suggests that the harvest has been weaker than the estimate with a production of around 101 million to 103 million tonnes, meaning the availability of wheat is very poor in the market. The government announced that the wheat harvest is a record 112.74 million tonnes in 2023, an increase from 107.7 million tonnes a year ago. Yet, India consumes approximately 108 million tonnes of wheat per year. Farmers start harvesting wheat in March and sell most of what they grow to state agencies and private traders by June. The federation has said that supplies from farmers have depleted and that the government’s production estimate is more optimistic than reality. Consequently, wheat prices have seen a 10% increase in the last two months, reaching $303 a tonne in response to the limited amount of wheat stocks traders are allowed to hold.
India’s Wheat Harvest Falls Short of Official Estimate, According to Trade Group
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