October 30, 2013 07:06 pm | Updated 07:07 pm IST - New Delhi
The government on Wednesday reduced the minimum export price of wheat by $40 per tonne to $260 per tonne as it found no buyer at the higher floor price of $300.
The Food Ministry had moved a Cabinet note proposing a reduction to make exports viable and clear surplus stock.
“Wheat export price of $260 per tonne has been approved by the Cabinet Committee on Economic Affairs (CCEA).
We hope exports will be viable now and shipments will take place,” Food Minister K V Thomas said.
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