Commodity Outlook – Wheat

Sowing period: October
Harvesting period: April to May
Crop season: Rabi

Key growing locations:

  1. Madhya Pradesh – Ujjain, Ratlam, Dhar, Sehore, Indore
  2. Rajasthan – Kota, Baran, Chittorgarh, Bundi, Jhalawar
  3. Uttar Pradesh – Kanpur, Varanasi, Agra, Bahraich, Hardoi
  4. Maharashtra – Mumbai, Vashim, Dhule, Akola, Nandurbar
  5. Gujarat -Rajkot, Sabarkantha, Dahod, Junagarh, Ahmedabad

Production trend and Stock position:

  • According to Ministry of Agriculture, the sowing acreage of Wheat as on November 6, 2020 was 16.94 lakh hectares (lh) up by 74.28 percent compared to 9.72 lh during the corresponding period
  • According to Department of Food & Public Distribution the government had sold 1.44 lakh metric tonnes (LMT) of Wheat in open market sale scheme (OMSS) through E-Auctions in the fourth week of October 2020 and till now no rakes have been sold or any by any state Government
  • According to Directorate General of Commercial Intelligence and Statistics (DGCIS) India’s overall export of Wheat from April to August 2020 was 2.17 lakh metric tonnes (LMT) valued at ₹ 453.62 crores

Monsoon Update

For the country as a whole, Seasonal cumulative rainfall during this year’s southwest monsoon season upto November 4, 2020 was below Long Period Average (LPA) by 1%. Details of the rainfall distribution over the four broad geographical regions of India are given below:

Market commentary: Price outlook

  • Wheat prices are likely to trade steady to slightly firm in the immediate / short term because according to media reports the demand in wheat products have remained weak despite the festive season due to which there has not been much improvement in its prices.
  • The Government had increased the Minimum Support Price (MSP) of Wheat by 2.60 percent to ₹ 1975 per quintal for marketing season 2021-22 compared to ₹ 1925 in 2020-21.

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