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 has sold 2,96,400 MT of Wheat in open market sale scheme (OMSS) until fourth tender in November 2019, out of which no Wheat was sold through rakes.
  • According to Ministry of Agriculture, the sowing acreage of Wheat as on December 13, 2019 was 248.03 lakh hectares (lh) up by 9.36 percent compared to 226.25 lh during the corresponding period.
  • Stock positions of Wheat were down by 88.02 percent held at National Commodity Clearing Limited (NCCL) approved warehouses at Kota location. The stocks held as on December 16, 2019 was 1,225 MT compared to 10,225 MT as on November 18, 2019.

Source: Agmarknet
Note: November Mandi arrivals are for the period: 1 – 18 December 2019

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

Market commentary: Price outlook

  • Wheat prices are likely to trade steady to weak in the immediate / short term.
  • For the 2020-21 Rabi marketing season (RMS), the government fixed minimum support price for Wheat at Rs. 1,840 a year ago per 100 kg for 2019-20 RMS.

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