India, the globe's second-largest grower of rice and wheat, will resume shipping the commodities, the subcontinent's farm minister told reporters.
Bloomberg reports Sharad Pawar said global prices will slightly drop as a result of India announcing it will export the grains in limited quantities. Wheat futures have increased 53 percent in the past year. In April 2008, India prohibited the export of rice that was not basmati and wheat as a method of enhancing domestic supplies of the grains.
"This is the right time to give serious thought over allowing exports of certain quantities of rice and wheat as we have ample stocks," Pawar said in the Indian capital on Wednesday. "World prices are very good."
Just prior to 8:15 a.m. on Wednesday, wheat futures slipped 1.38 percent, a 0.11 cent decrease to $7.8475 per bushel. Rough rice futures were down 2.68 percent, a $0.39 slip to $14.185 per hundredweight.
India also is exploring permitting sugar exports and decreasing onions' minimum export prices.
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