"We are in talks but have not arrived at specifications like the volume of exports and other such details," Sharma told reporters after his meeting with Egyptian President Mohamed Mursi who is visiting India.
India has been offering wheat from government warehouses to cut down surplus stocks and reduce the risk of wastage through damage by pests or weather.
The wheat harvest will gather momentum in April and farmers are expected to produce 92.3 million tonnes, the sixth straight year of output surpassing domestic demand of about 76 million tonnes.
Sharma also said the state run Cotton Corporation Of India (CCI) would offload stocks in the open market.
"That will happen," he said.
(Reporting by Mayank Bhardwaj; Editing by Jo Winterbottom)
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