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Wheat Surges On Fragile Sowing Progress In Major Producing States

Capital Market/ 17:00 , Nov 22, 2012

Buoyancy continued in wheat market due to weak sowing progress so far in the current year. The NCDEX futures increased by almost Rs 33 per quintal today.

According to an official statement, till November 15, wheat has been sown in around 4.96 million hectares of land, 11% less than last year in the same period. The overall sowing progress of wheat has reported fragile movement on the back of delay harvesting of kharif crop along with crop diversification by farmers.

As government yet to announce its minimum support price for wheat, farmers in wheat-growing states, especially Punjab and Haryana, have not yet begun sowing the crop though the conditions are ideal for wheat farming. The central government deferred the announcement on the MSP for wheat for 2013, while it has announced the MSP for other Rabi crops.

However, the spot prices of wheat at Lawrence Road, Delhi were trading in the range of Rs 1585-1595 per quintal, down almost Rs 15 per quintal from the last day.

The NCDEX December futures augmented by almost Rs 33 per quintal today to settle at Rs 1613 per quintal. The NCDEX futures added 150 contracts in open interest indicating fresh buying by traders

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