India: Grain and Feed Update
On October 19th, 2015, the Ministry of Finance issued a notification raising the basic custom duty on imports of wheat to 25 percent (ad valorem on CIF value). MY 2015/16 wheat imports are revised lower to 500,000 MT as the duty hike precludes additional imports. MY 2015/16 corn exports are forecast lower to 1.5 MMT on uncompetitive price of Indian corn. MY 2014/15 rice exports are estimated at a record 11.8 MMT.
