India's State Trading Corporation invites bids for wheat export

New Delhi, May 11 (PTI) India's government-run State Trading Corporation (STC) today invited bids from private traders for exports of wheat lying in central pool, a move aimed to create space for the new crop. The government's foodgrains inventory has build up due to record production and procurement in the last few years. As of April 1, wheat stock was around 19.95 million tonnes, as against 15.4 million tonnes on the same date a year earlier. STC said on its website that traders must submit their offers by May 24 and bids will be valid up to June 22. "Bids have been floated to discover prices to see whether export is viable or not," a government official said. According to the tender, the wheat will have to exported from godowns of the Food Corporation of India (FCI) through the ports of Kandla and Mundra in the western state of Gujarat. Yesterday, India's Food Minister K V Thomas had said the government is examining the possibility of wheat exports from central pool to Uganda, some Gulf nations, Afghanistan and Pakistan, who need the grain. The Indian government is concerned about storage as foodgrains stocks are expected to touch 75 million tonnes by June and it has storage capacity of only 63 million tonnes. Currently, wheat and rice procurement is going on. This year too, the FCI is targeting to buy a record 35 million tonnes of rice and 32 million tonnes of wheat. The country is poised for an all time record harvest of rice and wheat at 102.75 million tonnes and 88.31 million tonnes, respectively, this year. PTI