Wheat harvest in India will be 10% lower than expected

The wheat harvest in India will be 10% below the official forecast, citing a leading trade organization on June 21, the online publication World Grain reports.

The Federation of Flour Producers expects wheat production at the level of 101 to 103 million tons. Wheat market supply is now weak.

The government predicts a record wheat harvest of 112.74 million tons in 2023. In the previous year, 107.7 million tons were collected. India's domestic consumption is about 108 million tons of wheat per year.

The wheat harvest began in March. By June, farmers sell most of their crops to government agencies and private traders. The federation said supplies from farmers have already declined, noting that the reality is more pessimistic than forecast.

Wheat prices in India over the past two months rose by 10% to $303 (25.5 thousand rubles) per ton. For this reason, the government has limited allowable stocks of wheat from traders.