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 Department of Food & Public Distribution the government had sold 2,41,550 MT of Wheat in open market sale scheme (OMSS) until first tender in August 2019, out of which no Wheat was sold through rakes.
  • According to Agriwatch website, Madhya Pradesh government is likely to reduce mandi tax by 0.5 percent to 1 percent.
  • Stock positions of Wheat were up by 0.36 percent held at National Commodity Clearing Limited (NCCL) approved warehouses at Kota location. The stocks held as on August 20, 2019 was 33,719 MT compared to 33,599 MT as on August 01, 2019.
wheat

Note: August Mandi arrivals are for the period: 1 – 20 August 2019

Note: Markets currently are in Contango where the Futures market prices are higher than the Spot market prices.

Market commentary: Price outlook

  • Overall physical market prices across centres of Wheat have been in the range of Rs. 2,100 – 2,150 per quintal and is expected to trade above Rs. 2,200 per quintal levels.
  • Wheat prices are likely to trade steady to firm in the immediate/short term.

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