Wheat Commodity Insights

Current Market Developments:

  • During the last couple of weeks wheat prices in domestic markets have remained firm, tracking strong wholesale & retail buying due to the festive season. Strong demand from flour mills and food processing industries was noted in spot markets. Consumption for wheat & it’s by product (Aatta) remains high during festive season.
  • At Delhi, wheat is trading around of Rs 2700-2750 per quintal, while in Rajasthan wheat quoted around Rs 2600-2700 per quintal. In Uttar Pradesh wheat quoted in the range of Rs 2600-2650 per quintal. In Madhya Pradesh wheat is offered around Rs 2650-2700 per quintal.
  • The domestic markets of southern India showcased firm trend due to strong demand in the last couple of weeks. MP Pipariya line and UP Shahjahanpur traded around Rs 3100 per quintal for Bengaluru and Coimbatore deliveries, while MP Ujjaini belt traded around Rs 3050 per quintal.
  • Government agencies through market intervention have kept pressure on prices. To increase the availability of wheat in the open market and to further stabilize the prices of wheat, w.e.f. 01st November 2023, the maximum quantity a bidder can purchase under Open Market Sale Scheme (Domestic) has been increased to 200 MT from 100 MT and the total quantity offered per e-auction across India has been increased to 3 lakh MT from 2 lakh MT.
  • The 21st e-auction was held on 15th November 2023 wherein 3 lakh MT wheat was offered under Open Market Sale Scheme (Domestic) and 2.84 lakh MT wheat was sold. The weighted average selling price was Rs.2246.86 per quintal for FAQ wheat against the reserve price of Rs. 2150 per quintal pan India whereas weighted average selling price of URS wheat was Rs. 2232.35 per quintal against the reserve price of Rs. 2125 per quintal.
  • In addition to the above, 2.5 lakh MT wheat has been allocated to semi-government and cooperative organizations like Kendriya Bhandar/NCCF/NAFED under OMSS (D) for converting said allocated wheat to atta and offer it for sale to the public under ‘Bharat Atta’ brand at an MRP not exceeding Rs 27.50 per kg.
  • The domestic wheat availability has remained at sufficient levels, as per the latest available data, wheat production 2022-23 was estimated higher by 3 percent at 110.55 million tonnes a record as compared to 107.74 million tonnes during 2021-22.
  • According to the Food Corporation of India, as on 01st November 2023 wheat stocks at central pool stood higher by 4 percent at 218.76 lakh MT as compared to 210.46 lakh MT in corresponding period last year resulting in higher availability to cater to domestic needs.

SALE OF WHEAT UNDER OMSS (DOMESTIC) 2023-24*

WHEAT PRICE TREND ANALYSIS

CURRENT SEASON ACREAGE PROGRESS

WHEAT DOMESTIC BALANCE SHEET

WHEAT GLOBAL BALANCE SHEET

Disclaimer:
This report is prepared by “Agribazaar”. Information and opinions in this report have been taken from publicly available data and from sources believed to be reliable. Neither the report nor any part of the report shall be replicated without the written consent. agribazaar does not make any representations or warranties in relation to the accuracy, completeness and correctness of data or information contained in this report. Use of the data, information or opinions contained in this report is at the sole risk of the recipient of this report, and any such data, information or opinion should be independently verified. agribazaar, its affiliates, their officers, directors, and employees shall not be responsible for any loss or damage that may arise to any person from any error in the data, information or opinion contained in this report. “Agribazaar” 2023

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