India’s lowest wheat stocks in 14 years and rising dollar prices mean Bangladesh’s wheat problems are far from over.
On Saturday, wheat prices fell by T4 to 5 per kg as India continued to export through Hili Land Port in Dinajpur, however, this will bring short-term relief.
Haroon Ur Rashid, President of Hili Land Port Import Export Group told Business Standard that India has not yet lifted the export ban, however, wheat is exported through Hili Port against the LC open on the left, and the export ban is still in effect.
Although Bangladesh is set to receive a much-needed injection of wheat imports from India, it may also be at risk due to its own problems despite the May 1st ban on exports of the staple In India. As of July 1st this year, according to the Food Corporation of India (FCI), wheat stocks have fallen to their lowest level since 2008 as farmers are not offering their produce to the government under the minimum support on price (MSP).
Meanwhile, heatwaves in India’s wheat regions in March and April affected cereal production and the country now believes it will fall short of expected output.
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