March 7, 2013 / 1:12 PM / 4 years ago

India sets floor price for extra wheat exports-food minister

NEW DELHI, March 7 (Reuters) - India has set a floor price of 14,800 rupees ($270) per tonne plus local taxes for the extra 5 million tonnes of wheat exports it approved for sale to private traders, Food Minister K. V. Thomas said on Thursday.

The minimum price is based on sales from warehouses in Punjab state.

Traders said that the price would equate to around $314 per tonne free on board (FOB).

$1 = 54.7800 Indian rupees Reporting by Ratnajyoti Dutta; editing by Malini Menon

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