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“With India expected to import no more than 500,000 metric tonnes of wheat in 2008-2009, international prices will witness some downward pressure, according to F.O. Licht’s World Grain Markets Report.”
I”ndia imported 1.8 million and 6.5 million tonnes of wheat respectively, in the previous two seasons. This year the country is expecting a bumper crop and that along with a bumper procurement of 20.5 million tonnes will lessen the prospects of imports.”
“India’s reduced need for imports in 2008 will clearly prompt several major exporting countries and traders to redirect their shipment,” said the German-based F.O. Licht.