Advance wheat yield pegged at a record 78 mt

Usually, the fourth advance estimate is made public in July, but indications are that the Government may announce it earlier as it is in a fire-fighting mode to deal with rising prices.

“The estimate of wheat output in 2007-08 is likely to be revised upwards to around 78 mt,” said chairman and managing director of the Food Corporation of India (FCI) Alok Sinha, adding that the fourth official crop production estimates would be released soon.

Sinha is also happy with the Government’s build-up of buffer stocks in the current marketing season. The wheat stock has swelled to 22.2 mt and that of rice to 25.9 mt. The wheat stock is well above the maximum buffer norm for the year (on July 1) which is 17.1 mt. The maximum buffer norm for rice at 26.9 mt will also be met as the Government’s purchase will continue till the end of September, he said.

The South-West Monsoon this year arrived earlier than its schedule in most parts of the country. The countrywide average cumulative rainfall in the season till June 11 has been 30 per cent more than the normal, with excess rainfall in 23 meteorological subdivisions and normal in seven. Out of the total 36 meteorological subdivisions, only five received deficient rain and one scanty rain. With the arrival of good rains, sowing operations have already begun.

But despite good farm production, worries of Inflation are there. The inflationary trend in prices measured on the basis of the point-to-point movement in the wholesale price index peaked to 8.75% in the week ended on May 31 — a seven-year high!

Experts feel the inflation would soon touch double-digit mark as the Government recently hiked the prices of petroleum products.

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