Month: April 2017

Indore market in Madhya Pradesh, the grain was sold down 10 rupees from previous close, and in Delhi, the grain was down 25 rupees, 500,000 bags (1bag=100 kg) of wheat were brought in Madhya Pradesh today, up from 350,000 bags on previous close.

Wheat prices in the benchmark Indore market in Madhya Pradesh and the key Delhi market fell due to high availability of the grain. wheat was quoted down 10 rupees, while in Delhi, it was sold at, down from 1,755 rupees on the previous close. Around 500,000 bags (1bag=100kg) of wheat were brought in Madhya Pradesh today, up from 350,000 bag. In Delhi, 15,000 bags arrived, mainly from Uttar Pradesh, higher than 13,000-14,000 bags on previous close.

Government has procured 3.9 million tonnes wheat so far in the current marketing year that ends in March, up 7.4% from purchases made in the same period a year ago. The procurement is highest in Madhya Pradesh, where the government has purchased 2.08 million tonne wheat so far, against 2.0 million tonnes procured. The Madhya Pradesh government is targeting purchase of 8.5 million tonnes wheat this year. against 4.0 million tonnes in the last financial year. In Uttar Pradesh, the government has bought 11,883 tonnes wheat. marginally up from 11,568 tonnes a year ago. The Uttar Pradesh government has set a target of procuring 8 million tonnes wheat this year, way above the central government’s target of 3 million tonnes. 1.5 million tonnes wheat has been procured in Haryana and 259,923 tonnes in Punjab, The Centre has set a target of 7.5 million tonnes and 11.5 million tonnes for Haryana and Punjab, respectively. the government has set the wheat procurement target for this marketing season at 33 million tonnes up from 22.9 million tonnes.

The US Department of Agriculture has marginally increased its estimate for 2016-17 global wheat output to 751.36 million tonne from 751.07 million tonne, due to higher output in Pakistan. global consumption in 2016-17 has been lowered by 0.6 million tonne to 740.8 million tonne as a million tonne decrease in the US offset the small rise in other countries. Higher production and lower usage is likely to result in a rise of 2.3 million tonne in global ending stocks, which are pegged at 252.3 million tonne. The USDA cut its projection for global exports in 2016-17 due to a decrease of 0.5 million tonne each from Australia, Canada, Kazakhstan and Russia. Total global exports in 2016-17 are expected to be at 180.68 million tonne down from 181.02 million tonne.

Pakistan Flour Mills Association (PFMA) has expressed concerns over delay in return of rebate on wheat export and demanded of the federal governments to ensure release of the rebate without any further delay sand save businessmen from bankruptcy. The demand was made in a meeting the association held 9th April with its provincial president Haji Mohammad Yousuf Khan Afridi in the chair. The participants of the meeting said, government was delaying imbursement of rebate on wheat flour exported to Afghanistan that caused huge financial losses to the business community. The subsidy amounting to billions of rupees was given on export of approx. 1.8 million tonnes wheat to Afghanistan every year and demanded of the government to bring more transparency in the rebate process. Authorities should impose ban on sale of existing old stock of wheat, stored at government stores, to ensure availability of good quality of flour in the local market.

Australian farmers commit to wheat despite price slump, threat of dry weather.

Wheat procurement begins in Faridkot.

Turkish wheat stocks plummet, amid economic uncertainty.

USDA raises 2017 wheat carryover 3% from March.

High supplies drag wheat prices in spot markets.

9.11 lakh MT of wheat expected in Bathinda district markets.