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 5,13,100 MT of Wheat in open market sale scheme (OMSS) until third tender in September 2019, out of which no Wheat was sold through rakes.
  • According to Ministry of Agriculture, the sowing acreage of Wheat as on November 15, 2019 was 32.98 lakh hectares (lh) down by 22.22 percent compared to 42.40 lh during the corresponding period.
  • Stock positions of Wheat were down by 14.84 percent held at National Commodity Clearing Limited (NCCL) approved warehouses at Kota location. The stocks held as on November 14, 2019 was 10,226 MT compared to 12,008 MT as on November 3, 2019.
wheat price

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

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

Market commentary: Price outlook

  • Wheat price are likely to trade steady to firm in the immediate / short term.
  • For the 2020-21 Rabi market season (RMS), the government fixed minimum support price for Wheat price at Rs. 1,925 per 100 kg, up by 4.62 percent from Rs. 1,840 a year ago per 100 kg for 2019-20 RMS.

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