Enable JavaScript to run this app.
2023: Wheat Witnessed Fluctuations Amid Festive Season During November Week 3
21 days ago
Grains & Pulses
Grains & Pulses
Insights
 OfBusiness
OfBusiness

2023: Wheat Witnessed Fluctuations Amid Festive Season During November Week 3

Summary
Last week, the Delhi wheat market opened at Rs. 2700/quintal, dipping to Rs. 2675-2700/quintal by November 18. Arrivals decreased to 11,500 quintals. Regional closures during Diwali affected market stability, with varied price movements in Uttar Pradesh and Kolkata.

Last week Delhi market began with a trading price of Rs. 2700/quintal for the UP/Rajasthan line and Rs. 2825/quintal for the MP line on 13 November 2023. By 18 November 2023, the market saw a dip, with prices ranging between Rs. 2675-2700/quintal. Let’s delve into the recent trends exhibited by the Wheat market during the last week.

Arrivals & Market Dynamics

The arrivals in the Delhi line during the week were 11,500 quintals, showing a
decrease from the previous week’s 19,500 quintals. The weak market situation in Delhi signals caution, yet the fundamentals of Wheat remain robust. Despite some negative data, optimism prevails, suggesting a cautious yet positive outlook for the future.

Region-Wise Variation

Here are the details:

  • The market witnessed closures in the first three days due to Diwali and Bhai Dooj celebrations, with Madhya Pradesh Mandis also shut due to election-related reasons.
  • Limited market participation during this period led to stability in the South line market.
  • Wheat prices in Kolkata and Uttar Pradesh strengthened by Rs. 25 to
  • 50, while Flour mill prices showed mixed trends.
  • Uttar Pradesh experienced varied price movements, with some markets witnessing a robust increase of Rs. 30, while others saw a decrease of Rs. 30.
  • In Bangalore, prices remained stable, showcasing a balanced
  • market scenario.

Crop & Stock Updates

Wheat has been sown in 8.6 million hectares, approximately 5.5% less than in 2022. FCI will offer 3,00,000 tons in its upcoming tender on 22 November 2023.
In the previous tender, 2.84 lakh tons were sold, with the majority of bids placed below Rs. 2250/quintal. The central pool’s total Wheat stock as of 1 November 2023 stands at 218.76 lakh tons.

OFB’s Insight

During the last week, the Wheat market has witnessed varying trends, with regional price fluctuations and disruptions due to festivities and elections. Regional variations in prices, especially in Kolkata and Uttar Pradesh, hint at market resilience.

The closure of Mandis and reduced market participation in Madhya Pradesh influenced the market dynamics. As the FCI prepares for its upcoming tender, market players should stay vigilant, considering the mixed trends in regional markets.

Stay informed and stay ahead of market for free
Daily Market Updates
Get Data Rich Insights
Free 500+Raw Material Pricing

Tell Us Your Requirement

Product name is required
Quantity is requiredQuantity is required
PinCode is required
Company name is required
+91
Mobile number is required
OTP is required
Resend

Tell Us Your RequirementBest Rates | Working Capital | Delivery Anywhere

Product name is required
Quantity is requiredQuantity is required
PinCode is required
Company name is required
+91
Mobile number is required
OTP is required
Resend