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NEW DELHI (Commoditiescontrol) - Untimely rainfall, thunder storm and cloudy weather in the National Capital Region (NCR) and adjoining regions of Uttar Pradesh and Haryana today has brighten wheat price prospect. And, the expectation of continuation of such weather conditions for next couple of days, would boost the market sentiment.
While, wheat supply are likely to be disrupted due to the weather change, but there are growing worries of monsoon delay and hence adverse impact on trade.
Meantime, rains and thunder storm has provide Respite to people from scorching heat. Alternatively, lack of temperature rise is expected to delay upcoming monsoon. Met Department forecast monsoon to hit the southern coast of country on its schedule date, i.e. 1st June.
Delhi NCR, western Uttar Pradesh and Haryana received brief showers today. Such weather prevailed in major parts of north India. According to Indian meteorological Department (IMD), rain, thunder storm and cloudy weather may continue for next two-three days. According to sources in IMD, there was scattered rain in Rajasthan and Punjab as well. In Madhya Pradesh, rain was experienced at few places. Light rain, cloud and thunder storm is providing respite to people. Month of May is known for unbearable temperature in northern India.
Sources told that high temperature in plains of the country creates ideal condition for good monsoon. During last few years, when temperature pattern changed, monsoon rain disturbed often. So, current respite is adding worries also. According to IMD, rain and cloudy weather in Delhi, Haryana, Uttar Pradesh may continue till Thursday.
During last March and April, untimely rain had disturbed harvesting activities in entire north and central India. There was sever impact on various crops in Haryana, Uttar Pradesh, Rajasthan, Madhya Pradesh and other states.
Impact On Trade
Untimely rain can disturb wheat supply in Uttar Pradesh, Haryana and Punjab. Wheat supply is expected to fall in Delhi market. Normally, wheat supply should reach up to 20,000-25,000 bags in Delhi on daily basis. But it is hovering at around 8,000-10,000 bags. Delhi based whole sale trader Mr Rajesh Jain told that present supply was very poor compared to normal supply. Lower supply may push wheat prices up side. Currently, wheat was traded at Rs 1,474-1,535 per quintal.
Kota based trader Mr Uttam Chand Jethwani said that wheat demand remain very strong from Delhi because local supply was not sufficient to cater for demand. Around 20,000-30,000 bags wheat was supplied on daily basis to consumer industries in Delhi NCR.
(By Commoditiescontrol Bureau; +91-22-61391533)
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