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on June 9, 2009

India buys record grain amount

The company is bolstering stockpiles.

Food Corp. of India, along with other state agencies, bought 24 million tons of wheat and 30 million tons of rice, up 11% and 18% from last year respectively, India’s Ministry of Agriculture reported.

India bought the record quantity of grain from farmers to bolster stockpiles to combat the potential effects of El Nino, which can lead to crop failure and drought, according to the Bloomberg Press.

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