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Key Market Developments:

• During the week, Wheat prices in most of the spot markets of Delhi, Uttar Pradesh, Madhya Pradesh, Karnataka, Rajasthan and Gujarat have traded firm. The expectation of lower yields in Punjab, Haryana and Uttar Pradesh also kept market sentiments strong.
• Demand from traders and millers have remained strong in spot markets. Flour millers demand also remained firm. Moreover, farmers are holding on to their stocks and selling to private traders at higher prices which have been keeping wheat prices strong.
• The global demand for Indian wheat is expected to rise as Russia and Ukraine war has created good export opportunity. India has already exported record wheat of around 6.6 million tonnes till February 2022 and exports are likely to touch 10-12 million tonnes.
• India is well positioned on wheat availability and the stock in April is estimated at 190 lakh metric tonnes (LMT) against stocking requirement of 75 LMT.
• Further, India’s current buffer grains stock stands at 513 LMT and this is double the requirement of 210 LMT for April.
• As on 20th April 2022, around 109.78 LMT of wheat was procured. Procurement from Punjab stood at 55.25 LMT, Haryana at 32.39 LMT and Madhya Pradesh at 21.58 LMT. The Union government has set a procurement target of 444 LMT during 2022-23 marketing season.
• Ministry of Agriculture has estimated domestic wheat production at 111 million tonnes. However, as per market sources, due to unfavorable weather conditions after Holi (mid-March) in parts of Punjab, Haryana and Uttar Pradesh yield is likely to decline and production would be around 95 – 98 million tonnes.

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“agribazaar” 2022