Possibility of downward trend in wheat market

Last week, the arrival of new wheat in the markets of Madhya Pradesh increased, due to which a decline in the quality of goods by Rs 70/75 per quintal was recorded in the second half of the week. The wheat which was of higher mill quality was sold here for Rs 2750, its price remained at Rs 2675 and the new wheat from MP reached Delhi for Rs 2650, but in view of the good crop and arrival pressure, the millers have stopped purchasing wheat. There may be a further decline of Rs. 50-70 in the coming days. The government estimate of the production of the upcoming crop is Rs 1120.7 lakh.

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