The state agency plans to import 800,000 tonnes of wheat in this financial year, more than half of which it has bought so far through international tenders. Another tender for 50,000 tonnes of wheat is due to close on April 23. The state buyer received the lowest offer of $311.45 a tonne CIF liner out from Olam International in a tender that opened on April 2.
Besides the government, private traders also import around 2.5 million tonnes of wheat annually to help meet local demand of 4 million while domestic output amounts to around 1 million. Benchmark wheat futures ticked higher on Tuesday, recouping some of its deep losses from the last session as the poor condition of the US winter crop put a floor under the market.