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Wheat Gains in Kanpur, Bareilly; Price Rise In CBOT Aid Sentiments

17 Oct 2020 3:47 pm
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NEW DELHI (Commodities control) Thin trade was reported in wheat market in major producing states at the advent of the festival of Navratri. However, the prices witnessed a rise of Rs. 10-20 per quintal in Kanpur and Bareilly. The sentiments have improved due to many factors. Firm global markets support Indian wheat as wheat prices increased to six years high in Chicago Board of Trade (CBOT).

Wheat prices gained Rs. 20 to Rs. 1620-1640 per quintal. Similarly, the prices rose Rs. 10 to Rs. 1630-1650 per quintal. The traders said that wheat prices gained because of good demand and limited arrivals. Farmers were trying to hold their produce due to lower prices. Wheat prices are hovering below MSP of Rs. 1925 per quintal for many months. The government is providing free and highly subsidized wheat and rice to around 80 crore poor consumers under various schemes which affected demand in the open market.


However, the sentiments have turned positive due to festival demand, lower arrival. Also the end of free grain schemes next month, adds to the bullish cues.  But negligible trade and market activities was reported, in other markets due to weekend and also as Navratri begins. The prices remained stable in Rajasthan, Madhya Pradesh and Delhi.


Domestic wheat may get support from the fact that wheat prices rose to USD 6.25 per Bushel (25.4 kg) CBOT. Earlier, December Wheat touched
6.30-3/4 which was highest price after December 2014. In Rupee term, Wheat will be priced at Rs. 1800 per quintal, much higher the price of wheat in many domestic markets. It can open wheat and products export in global market.


 

 

Commodity

Type/Variety

17-Oct

16-Oct

Change

Delhi

Wheat

Mill quality

1770-1780

1770-1780

0

Kota, Rajasthan

Wheat

Mill quality

1590-1625

1590-1625

0

 

Wheat

Duplicate Sharbati

1650-1720

1650-1720

0

 

Wheat

PD

1650-1675

1650-1675

0

Bundi, Rajasthan

Wheat

Mill quality

1580-1610

1580-1610

0

Wheat

Duplicate Sharbati

1625-1675

1625-1675

0

Wheat

PD

1600-1650

1600-1650

0

Baran, Rajasthan

Wheat

Mill quality

1575-1600

1575-1600

0

Wheat

Duplicate Sharbati

1650-1700

1650-1700

0

Rajkot, Gujarat

Wheat

Mill quality

1600-1625

1600-1625

0

Indore, (M. P.) Bilty

Wheat

Mill quality

1575-1600

1575-1600

0

Bhopal (M. P.) Loose

Wheat

Mill quality

1450-1500

1450-1500

0

Kanpur (U.P.)

Wheat

Mill quality

1620-1640

1610-1620

20

Bareilly (UP)

Wheat

Mill quality

1630-1650

1620-1640

10

(By Commoditiescontrol Bureau: +91-22-40015505)

     

 


       
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