It is expected that the 2016-17 wheat imports from India will raise more than five times the highest in a decade, as a severe drought linked to El Niño and unseasonable rains push domestic production down since 2011, a survey showed by Reuters.
A peak in shopping overseas India, the second largest grain producer and consumer in the world, could take some pressure to wheat prices reference are mired near five-year lows of $4.42 to 1/4 a bushel amid ample global supplies.
Wheat arrivals in India are likely to reach 2.75 million tonnes in the year to June 2017, according to the survey of 11 analysts and traders. Imports would have been even higher, but is expected to surplus from a series of excellent vintages since 2007 to help pick up some of the slack in production, they said.
