Wheat Likely To Fall On Arrival Force (31-May-2011)
Wheat commodities are more likely to stay pressurized temporarily because of strong arrivals in main developing areas. The NCEDEX commodities pared almost Rs 20 each quintal during the last 1 week.
According to most recent release by Dept of Food and Public Distribution, Grain purchase for the duration of the rabi marketing period 2011-12 went up by 16 % to 25.86 MT all this time (29th May 2011) as in comparison to the year-ago time.
FCI had purchased 22.34 MT of wheat in similar duration of the prior year.
Data said Punjab, has all this time obtained 11.03 MT of the foodgrain in rabi marketing period 2011-12 in opposition to 10.21 MT in same duration of the prior year. While Haryana, has until now bought 6.85 MT of wheat in opposition to 6.33 MT in year ago time period.
On NCDEX, the costs of June Grain Standard agreement pared nearly Rs 20 each quintal during the last 1 week to shut at Rs 1196 each quintal during the last dealing. Technically, costs are more likely to business in the array of Rs 1182 to Rs 1205 each quintal.
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