Wheat Report
Last week, wheat demand remained steady, leading to an increase of ₹25 per quintal. The upward momentum in the market continues, and the fundamental basis for the market remains strong this year. Statewise Market Trends: Uttar Pradesh: The market trend was mixed. In Bareilly, prices remained stable, while in Betul, prices increased by ₹30. In Gorakhpur, wheat prices were weaker by ₹10, although the price of bran rose by ₹75. West Bengal: In Kolkata, wheat prices increased by ₹10 this week. Kolkata’s market has been strong for the past 14 days. Maharashtra: Most markets in Maharashtra saw stable wheat prices. There is strong demand for atta, maida, and sooji, with shortages remaining in maida and sooji. Farmers have a good stock of wheat. In the Delhi market, all figures have proven accurate as per the expected timeline. The Delhi line has a support level at ₹2820, and wheat shows upward momentum above ₹2870. If the Delhi line remains at or above ₹2870 for the week, we may see further upward movement in the market. International News: Traders have reported that Russian wheat prices have stabilized, and the strength in European wheat prices has supported U.S. wheat futures and boosted short covering. Government Stock: According to government data from August 1, the central pool has a wheat stock of 26.8 million tons, which is 1.2 million tons less than last year. Regarding the Open Market Sales Scheme (OMSS), the government has not officially confirmed any of the circulating news. Therefore, it is advisable to wait for official notifications rather than relying on market rumors. Wheat prices have seen an increase over the past week, and considering the current situation, stability and further growth in prices are expected in the coming days.