Wheat Report: Market is expected to declne further

During the last week, wheat fell by Rs 50 per quintal due to lack of demand, the quantity of arrivals in the mandis increased and prices were seen weak in most of the markets. There is no change in the prices of most of the mills and markets in Maharashtra, the prices remained stable at most of the places. Market prices remained weak in Uttar Pradesh, falling by more than Rs 20 in Kanpur, Gorakhpur and Rs 70 in Varanasi. The prices of most of the markets of Rajasthan remained stable and there was no increase or decrease in the markets of Jaipur and Jodhpur. In Rajasthan, the government opened many purchasing centers to purchase wheat, but in so many days, not even a single bag has been processed at those places. There is a high possibility of further decline in the market in the next few days. This year, the government has set a target of purchasing a total of 50 lakh tonnes of wheat from the three states of Uttar Pradesh, Rajasthan and Bihar. The Indian government has purchased about a third of the total 600,000 tonnes of wheat arrivals through April 3, compared to only 350,000 tonnes in the year-ago period. Despite 1,307 mandis and procurement centers being opened on April 1 for the purchase of wheat in Punjab, the arrival of the crop has not yet started in the mandis. Certainly, the Punjab Agriculture Department has estimated the total production at 162 lakh tonnes, which is 1 lakh tonnes more than the 2022-23 Rabi season.

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