PEC receives highest bid at USD 281.50 for wheat export

New Delhi, Dec 16. State-owned trading firm PEC today received six bids for its tender to export 70,000 tonnes of wheat from FCI godowns, with highest price quoted at USD 281.50 per tonne. "The highest bid is offered at the rate USD 281.50 per tonne for 50,000 tonnes of wheat against the tendered quantity of 70,000 tonnes," a senior government official said. Wheat will be exported from Krishnapatnam port and shipment period would be from December 26 to January 31 next year, he added. This is the second round of bids for export of wheat procured by the Food Corporation of India (FCI) after the government lowered the floor price to USD 260 per tonne from USD 300 per tonne on October 30 to boost shipments. The highest price was quoted by the Agrocorp, while Glancore, Emmsons and others traders have also given their prices, an official said. All the three trading agencies STC, PEC and MMTC have floated 11 tenders for export of wheat and so far bids for seven tenders have been opened. The government plans to sell 2 million tonnes of wheat from FCI's surplus stock in tranches by June. The Corporation had 36 million tonnes of wheat as of October 1 compared with the actual requirement of 21.1 million tonnes. In 2012-13, the government earned USD 1.4 billion from the export of 4.2 million tonnes of wheat by PSUs. Indian wheat fetched an average price of USD 311.38 per tonne in the previous financial year.