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India Set to open Wheat Imports

India’s government appears poised to allow a resumption of wheat imports for the first time in six years as it looks to rebuild stocks depleted by three straight short crops and bring domestic prices under control. New Delhi is expected to drop its 40% duty on wheat imports, The Economic Times reported this week.

Such a decision is expected to come after national parliamentary elections that are now underway. Voting results will be announced on June 4, and sources said a decision on the import tariff is likely by late June, in time for the next harvest in Russia. Removal of the tariff would open the door for the first significant imports since 2017/18, when the country imported 1.166 MMT of wheat, according to USDA. India imported nearly 6 MMT of wheat in 2016/17 after a disappointing crop.

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