India govt open market wheat sales pick up after import duty hike.

Government sold 45,250 MT wheat under the open market wheat scheme through the tenders that closed today, up from 33,450 tn sold in a tender last week. We are expecting the pace of sale to improve further from next week as the hike was announced in the evening Wednesday and the deadline to deposit EDM (earnest money deposit) was midnight. Of the total quantity sold today, 30,200 tn of wheat was sold in Punjab, 8,700 tn in Haryana, 3,600 tn in Chandigarh, 2,650 tn in Jammu and Kashmir and 100 tn in Himachal Pradesh. Sales in Madhya Pradesh is expected to start next week as with the imports getting costlier, private players will now buy the grain from the central Indian state.