International Wheat Market:

02-May-2025 08:49 AM

International Wheat Market:
★ According to the USDA, the U.S. may export 75,000 tons of wheat during the week of April 24.
★ Thailand was the largest buyer with 52,000 tons, followed by Nigeria with 39,000 tons.
★ New crop sales are estimated to reach 240,000 tons, with South Korea purchasing 58,000 tons.
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Domestic Wheat Market:
★ As of April 30, wheat procurement by FCI (Food Corporation of India) has crossed 25 million tons.
★ Procurement in all states is higher than last year, with Punjab leading the tally.
★ Prices in mandis are either around the MSP or slightly below it.
★ There is a strong likelihood that this year’s government wheat procurement will exceed the set target.
★ In light of rising procurement, the government is likely to raise the target for building central stock reserves. The timing of the OMSS (Open Market Sale Scheme) rollout remains to be seen.
★ According to IGrain India, due to a bumper crop, the OMSS scheme may be delayed. The initial focus will be on releasing privately held stock. Therefore, the government has mandated weekly online reporting of stock data every Friday.
★ IGrain India believes current wheat prices are at bottom levels, and prices are likely to stay above MSP in the future. However, the sharp price rally seen last year is unlikely to repeat.