Wheat prices are likely to be confined to a narrow range

Wheat prices are likely to be confined to a narrow range in the coming days as the government has huge inventory of the food grain in its central pool. The government had 40.9 mln tn of wheat inventory in its central pool as on Aug 1, higher from 30.1 mln tn on the same day last year. The government has also raised its estimate for wheat output in 2017-18 (Jul-Jun) to a record high 99.70 mln tn from 98.61 mln tn earlier.