Ukraine effect: Domestic wheat, sunflower oil prices set to rise

New Delhi, March 2 Continuing hostilities between Russia and Ukraine are set to impact the domestic selling prices of wheat and flower oil.

Both countries produce massive quantities of wheat, while Ukraine is one of the world's largest sunflower seeds exporters.

Though India is self-sufficient in wheat, it does import some quantities of high grade grain, analysts said.

Moreover, the reduction in Russian and Ukrainian wheat in the international market will give an attractive opportunity for Indian exporters, thereby slightly pushing up domestic prices.

Lately, domestic wheat prices have seen an increase of Rs 300 per quintal to Rs 2,300 per quintal.

This trend is likely to continue till the arrival of new supply from April onwards.

However, in terms of sunflower seeds, India is heavily dependent on Ukrainian and Russian imports.

Imports are a relatively cheaper option as India's sunflower seed production is constantly hovering close to 60,000 tonnes for the last couple of years.

In this case, India can fulfil its requirement via crude palm oil

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