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High sowing, stocking to keep wheat prices stable

Thu Nov 28 2019

 

 

Wheat prices continue to remain low and are expected to stay so amid record sowing and higher stocking by government agencies, say traders. Good moisture content and lower temperature is likely to help the rabi crop planting of the grain, said traders.

 

“Since the past three months, wheat prices have remained stable. Even at the end of the season we don’t expect prices to increase as the planting is 25 per cent more than the previous year and there is enough stock with the government,” said Kailash Goel, a trader in Chhawani mandi in Indore. Goel said wheat prices in Indore wholesale mandis were similar to Delhi market rate of Rs 2,250-2,400 for 100 kg, while in Maharashtra it was Rs 2,400-2,450.

 

https://economictimes.indiatimes.com/img/72270063/Master.jpg

India, the world’s second-largest producer of wheat, recorded a bumper crop of 102.19 million tonnes last year, and at present the Food Corporation of India is holding 37.37 million tonnes of the food grain, said government officials. There is good moisture content in the soil due to extended rains across Maharashtra, Gujarat, Telangana and parts of Rajasthan, said traders. As on Friday, wheat was planted on 9.68 million-hectare land.

 

Traders on Delhi’s Lawrence road said that at a fixed price of Rs 2,190 a quintal, wheat was being released under the Open Market Sale Scheme (OMSS) to bulk buyers from the FCI godowns.

 

Source: https://economictimes.indiatimes.com/markets/commodities/news/high-sowing-stocking-to-keep-wheat-prices-stable/articleshow/72270043.cms

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