International Wheat Market

07-Feb-2025 09:06 AM

International Wheat Market
★ According to USDA, during the week of January 30, wheat export deals from the USA totaled 438,000 tons.
★ Mexico was the largest buyer, purchasing 122,000 tons, followed by an unknown location with 110,000 tons.
★ Japan issued a tender for the purchase of 96,000 tons of wheat.
★ South Korea will purchase 30,000 tons of wheat from the USA and Canada.
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Domestic Wheat Market
★ Wheat prices declined due to increased procurement by FCI (Food Corporation of India) and tenders being passed at lower prices.
★ On February 1, wheat in Delhi was priced at 3,100 rupees per quintal, reaching a high of 3,125 rupees, but by February 6, it closed at 3,100 rupees per quintal. Prices in other markets also saw pressure.
★ This year, wheat sowing has increased. While production growth is expected, the impact of weather remains to be seen. Over the last three seasons, erratic weather, with periods of intense sunshine and heavy rainfall, has affected the crop, leading to record-high prices. The future of wheat prices will depend on weather conditions.