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Government agencies in India received higher bids for wheat export

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Staff writer ▼ | November 21, 2013
India wheatIn a boost for India's agricultural exports, government-owned trading agencies such as PEC, STC and MMTC received bids in the range of $280 to $290 a tonne for wheat exports from the Food Corporation of India (FCI) stocks.

The bids were higher than the base price of $260 a tonne fixed by the government for the export of two million tonne of wheat this fiscal. The PEC, according to sources, received the highest bid at $290 a tonne for its wheat export tender offering 70,000 tonne to be shipped from Krishnapatnam port, Andhra Pradesh.

While STC received the highest bid at $286 a tonne for a shipment of 120,000 tonne from the Mudra port, Gujarat, MMTC got the highest bid at $286 a tonne for 60,000 tonne of wheat shipment from the Kakinda port, Andhra Pradesh.

The trading agencies had invited bids for 340,000 tonne of wheat to be exported from Mudra, Kandla, Krishnapatnam and Kakinada ports. This is the second attempt by the government to export wheat from its stocks this fiscal after first bids were rejected because of lower price last month.

The state-owned trading firms had floated tenders for exports of 150,000 tonne of wheat. However, tender bids were subsequently scrapped because government agencies got a highest quote of only $269 a tonne against a base price of $300 a tonne. The FCI can export two million tonne of wheat till June 31, 2014.

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