India, the second-biggest grower of wheat and rice, will next week discuss lifting a ban on exports of the grains to pare growing stockpiles, Farm Minister Sharad Pawar said.
“This will be discussed in the next meeting” by a panel of ministers headed by Finance Minister Pranab Mukherjee, Pawar told reporters. “We have to take definite view” as the nation has the “ability” to supply some of its neighbors, he said.
Resumption of shipments may add to losses in global prices of the two food staples. Wheat has tumbled 25 percent from last year’s high of $6.77 a bushel in Chicago amid increasing world supplies, and rice has dropped 18 percent from a high of $16.27 per 100 pounds in December as the Philippines, the biggest buyer, ended a series of tenders for 2010 supplies.
Source: business week