India likely to export additional 5 million tonnes of wheat soon

India is likely to export an additional 5 million tonnes of wheat this season, taking total exports sanctioned so far during the current fiscal to 9.5 million tonnes.

India, the world's second-largest producer of wheat, is sitting on record stock of the grain and is expecting yet another bumper harvest.

Besides state-run agencies, private firms would also be allowed to draw from government stocks for exports this time round as the Food Corporation of India (FCI) makes space for new crop arrivals.

While Indian wheat is being quoted at $330 per tonne, down from $340 per tonne earlier, exporters expect prices to improve with lower current supplies.

Exports from major producing nations like Russia and Australia are hit by lower production in those countries and this has come as a boon to Indian exporters.

The proposal on wheat exports is likely to come up in cabinet agenda on Thursday.