Saturday 25 August 2012

Wheat futures scaled new heights in the last week


Wheat futures scaled new heights in the last week due to strong demand by exporters along with bullish cues in in international market. The NCDEX futures augmented by almost 10% in the last week.

Traders mentioned that restricted supplies of wheat from FCI warehouses prompted strong gains in local mandies. The spot market of wheat at Delhi mandi augmented by almost Rs 100 per quintal to trade at Rs 1650 per quintal.

Moreover, strong export demand of Indian wheat also added some gains in wheat market as government is still considering the wheat exports from India in the near term. As per official data, India has exported around 10 lakh tonnes of wheat so far in the current year.

In international market, according to the latest monthly release from International Grain Council (IGC), the world wheat production in 2012/13 is placed 3 million tonnes lower than last month at 662 million tonnes. This was 34 million tonnes below last seasons record.

Food and industrial consumption are expected to grow, but feed use will likely be lower. World stocks are forecast to contract by 17million tonnes , to 180 million tonnes. A projected fall in the major exporters is led by the Black Sea region. Via

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