Published on 2 Apr 2024 on Reuters via Yahoo Finance
By Rajendra Jadhav and Mayank Bhardwaj
MUMBAI/NEW DELHI (Reuters) -India has asked global and domestic trade houses to avoid buying new-season wheat from local farmers to help the government-backed Food Corporation of India (FCI) procure large quantities to shore up its depleting reserves, sources said.
India, the world's biggest wheat consumer and grower after China, banned exports in 2022 and is keen to bolster stocks and tame prices that surged after dry weather hurt output in 2022 and 2023.