Wheat

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.

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.

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.

Flour millers demand rebate on wheat export in Pakistan.

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.

High supplies drag wheat prices in spot markets.

USDA raises 2017 wheat carryover 3% from March.

Around 9,11,150 MT of wheat is expected to arrive in grain markets of the district. Bathinda Deputy Commissioner Diprava Lakra gave this information after conducting a visit to the grain markets at Talwandi Sabo, Bhagi Vander and Kotshamir to view arrangements for the wheat procurement process. Six procurement agencies would procure wheat in 182 grain markets of the district. Complete arrangements were in place at mandis and facilities for farmers, labourers and commission agents were also being ensured. The arrival of wheat would gain momentum in the days to come and agencies including Punsup, Pungrain, Punjab Warehouse, FCI and Markfed would procure wheat in the district.

Turkish wheat stocks plummet, amid economic uncertainty.

Wheat procurement begins in Faridkot.

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

Prices of wheat fell in major wholesale markets of the country due to high availability of the grain in spot markets and on anticipation of higher arrivals in the coming days. Arrivals in Punjab begin nearly 7-10 days ago and about 1,000 tonne of the grain arrive daily in Amritsar. Arrivals may rise to 2,000-2,500 tonne in the coming days.

9.11 lakh MT of wheat expected in Bathinda district markets.

The U.S. Department of Agriculture in its April 11 World Agricultural Supply and Demand Estimates report raised its forecast for 2017 U.S. Wheat carryover by 3% from its March forecast to near a 30-year high. The USDA also raised its soybean carryover forecast by 2% from March but left corn carryover unchanged. USDA forecast the carryover of wheat on June1, 2017, at 1.159 billion bushels, up 30 million bushels from 1.129 billion bushels forecast last month and up 183 million bushels, or 19%, from 976 million bushels in 2016. USDA forecast was above the average but within the range of pre-report trade expectations.

Turkish wheat stocks are growing extremely tight due to economic uncertainty and a ban on Russian imports. US officials warned, with supplies implied to fall to less than two weeks of demand by the end of next season. The bureau cut its ideas of 2016-17 imports by 800,000 tonnes, to 4.0m tonnes and imports are seen rising to 4.5 million tonnes in 2017-18 due to ongoing demand for high quality wheat from flour and pasta exporters. By the end of 2017-18, stocks are seen falling to just 648,000 tonnes and assuming the uncertain economic environment continues to discourage stocking. The bureau forecast implies a stock to use ratio at an eye-wateringly tight 3.7%, enough for less than two weeks of consumption.

Deputy Commissioner, Rajiv Prashar said, to buy 4.65 lakh metric tonnes of wheat this year against the last year 4.49 lakh metric tonnes and also pay money to the farmers within 48 hours after procuring their wheat. All arrangements, including water facility and public toilets, etc have been made. Ensuring that lifting of the crop within 72 hours after its arrival in the market. The procurement will conclude on April 30. Prashar requested farmers not to rush their crop to the grain market before properly drying it. Wheat can be procured only at the permissible moisture limit of 12%. A total of six agencies including Pungrain (Punjab Grains Procurement Corporation), PUNSUP (Punjab State Civil Supplies Corporation), Markfed, Agro, Warehouse and FCI (Food Corporation of India) are purchasing the wheat crop here. A total of 68 purchase centres have been opened in the district, including 31 in Faridkot city, 16 in Kotkapura, and 21 in Jaitu.

Australian farmers maintain wheat acreage during the 2017-18 season at a near three-year high and rejecting incentives to plant alternative crops amid low prices and unfavourable weather forecasts. Estimates wheat acreage for the coming season at 13.4 million hectares (33.1 million acres), down just one percent from the 2016-17 season.

Ukraine boosted grain exports by 9%.

Private traders have imported 44.10 lakh tonnes of wheat from April 2016 to February 2017, said govt. Govt had wheat stock of 94.29 lakh tonnes at the beginning of March as against the buffer norm of 64.60 lakh tonnes as on April 1. The wheat stock is likely to improve in the coming months when Rabi crop arrives in markets.

Government has procured 5,243 tonne of wheat in Uttar Pradesh in the current marketing year so far, nearly three times the year-ago procurement of 1,759 tonne. State government has set a target of procuring 8 million tonne wheat, way above the central govt target of 3 million tonne for Uttar Pradesh. To enable efficient procurement and eliminate the role of middlemen, the new govt in Uttar Pradesh has made Aadhar cards compulsory for farmers coming to sell their crops. The government has also offered an incentive of 10 rupees per 100 kg for loading and transportation of the crop. Overall, 2.4 million tonne of wheat has been procured in the country so far, slightly lower than 2.6 million tonne a year ago. Procurement is highest in Madhya Pradesh where the govt has bought 1.8 million tonne wheat so far. In Punjab, the government has bought 37,505 tonne, and in Haryana, it has purchased 534,279 tonne of wheat.