Wheat Prices Rise Amid Festive Demand, Govt Cuts Down Production Estimate

Wheat Prices Rise: Government has lowered its wheat production forecast by 2.19 mt to a record 110.55 mt
Wheat Prices Rise
Wheat Prices Rise

Wheat Prices Rise: Due to the festival demand, wheat prices have begun to rise; they increased 5-6 per cent in the previous week to cross the 27-per-kg threshold in Delhi.

According to the wheat milling business, the government must either let wheat imports at no tariff or expand sales by government agency FCI to increase market availability.

According to data from the agricultural ministry, the government has lowered its wheat production forecast by 2.19 mt to a record 110.55 mt for the 2022–23 crop year that ended in June 2023. The country's actual wheat production for the July–June 2021–22 crop year was 107.74 mt.

The ministry issues three preliminary estimates at various phases of harvesting before the final one.

The final estimate of food grain output for the crop year 2022–2023 shows that wheat production has reached a record high of 110.55 million tonnes, but that it is still 2.19 million tonnes less than the third estimate of 112.74 million tonnes for the same crop year.

Unseasonal rains during the harvesting period caused some loss, which caused the crop estimate to be revised lower in the final estimate.

The final projection predicts that rice production would reach a record 135.75 million tonnes in 2022–23, up from 129.47 million tons the year before.

Production of coarse cereals is anticipated to have increased from 51.10 million tonnes in 2022–2023 to 57.31 million tonnes in 2022–2023 alone.

Pulses' overall production is predicted to have decreased from 27.3 million tonnes the year before to 26 million tonnes in 2022–2023.

A record 329.68 million tonnes of food grains are expected to be produced overall in 2022–2023, up from 315.61 million tonnes the year before.

In the case of oilseeds, production rose from 37.96 million tonnes the year before to a record 41.35 million tonnes in 2022–23. Sugarcane production is projected to have grown among cash crops, from 439.42 million tonnes to 490.53 million tonnes.

With inputs from PTI

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