Indian harvest brings cheer to world Washington: The announcement from New Delhi that India would produce a bounteous harvest of wheat (and rice) this coming summer has beaten back wheat prices to a six-month low in the US market. With the US acreage under wheat also improving under good weather conditions, the International Grains Council has forecast a 7% increase in global wheat production. India is now the world's second largest producer of both wheat and rice, and but for its appalling storage and distribution systems that wastes more than 10% of its harvest, it is in a position not only to feed itself but also help other countries. In an interview with The Times of India earlier this week, Nobel laureate Normal Borlaug, father of India's Green revolution, said there was still plenty of upside to food production in India and there was no need for panic.