Government has exported 1.5 million tonnes wheat for an estimated Rs 2,590 crore out of 2 MT stocks allowed for overseas shipments from surplus stocks of Food Corporation of India (FCI).
"The government has so far awarded tenders of 1.5 MT of wheat, against the allowed quantity of 2 MT, and it is unlikely to float any new tenders for export of wheat," a source said.
The average price realised from export of wheat is at $283 per tonne and government is estimated to earn Rs 2,590 crore, the source added.
In 2012-13, the government earned $1.4 billion from export of 4.2 million tonnes of wheat by PSUs. Indian wheat fetched an average price of $311.38 per tonne in the previous financial year.
Majority of the wheat has been shipped to neighbouring Bangladesh, while some quantities has also been exported to Ethiopia, Yemen, South Korea and Sri Lanka.
Later, the floor price was cut to $260 per tonne to make shipments viable. As other major international players US and Canada were offering their wheat at lower prices in the international market.
Indian wheat in the international market mainly competes with 'US SRW wheat gulf' and 'Black sea milling wheat'.
The government has set a target to procure 31 MT wheat in the ongoing season.