Indian wheat prices begin to soften on hopes of higher production
Wheat prices are dropping at APMC yards nationwide as arrivals surge and production is now seen higher than last year. Traders estimate over 105 million tonnes, with strong quality and minimal weather impact. The Indian Agriculture Ministry pegs output at a record 115.43 mt, while the USDA forecasts 115 mt, easing earlier concerns about crop damage.
Wheat prices have begun to decline at agricultural produce marketing committee (APMC) yards across the country with its production now estimated to be higher than last year in view of multi-year high arrivals, traders said.
“Wheat production is 10 per cent higher than initial estimates. It is higher than last year. The quality is also good. Fears of the crop being affected by weather have proved to be unfounded,” said a New Delhi-based miller.
The trade expects production in excess of 105 million tonnes (mt). In its second advance estimate, the Agriculture Ministry pegged wheat production at a record 115.43 mt. The US Department of Agriculture has estimated the Indian crop at 115 mt.
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Source : The Hindu Businessline
