<b>Wheat Import</b>: Bids zoom to $318-370/tn

Seven companies have offered to supply 0.92 million tonne wheat to India at an unexpectedly high price range of $317-370 per tonne. The price will translate to Rs 12,838-14,985 per tonne. In comparison, the government paid Rs 8,500 a tonne to farmers including a bonus of Rs 1,000.

Cargill Inc, Glencore International AG, Concordia Trading Corporation, Louis Dreyfus Corporation, Riaz Trading, Toepfer and Agrilink Asia have submitted bids for the 1 million tonne wheat import tender floated by State Trading Corporation (STC).

Last year, India imported 5.5 million tonne wheat at an average cost of about $205 per tonne.

The government has managed to purchase about 11 million tonne wheat from the farmers, 1.77 million tonne higher than last year. However, this is lower than the target of 15 million tonne. Therefore, the government has decided to import wheat.

BS Reported It First: Foreign wheat may cost govt extra Rs 2,460/tn