18 July, 2012
MUMBAI (Commodity Online): Range bound trade seen in India’s Wheat futures this week, after a good rally over the few weeks , mainly on the back of profit booking by the speculators. Strong export demand prevailed in the markets could limit the downtrend of wheat futures.
As per analysts, wheat futures are likely to witness some correction in the coming days as some position holders may go for profit booking after the recent rally.
Indian government has offered around 2.40 lakh tonnes for exports with the price range of $ 265-270 per tonne at ports. Sources suggested that South Korea already purchased around 1.50 lakh tonnes from government.
India has kicked off wheat exports from government stocks with an offer of 240,000 tonnes, which would be the first such sale in at least four years.
India has been struggling to manage bulging stockpiles built up during bumper harvests since 2007.China accounting for most of the reduction wheat supplies for 2012/13 is reduced 5.1 million tonnes with lower world production more than offsetting a 1.6-million-tonnes increase in beginning stocks.
USDA estimated that global ending stocks for 2012/13 are projected 3.3 million tonnes lower at 182.4 million tonnes. These are mainly on the account of 10-12% decline in total stocks in India and China.
In International markets, wheat futures continued firm trend on speculation that demand for the grain in livestock feed will climb as hot, dry weather scorches the U.S. corn crop.
MUMBAI (Commodity Online): Range bound trade seen in India’s Wheat futures this week, after a good rally over the few weeks , mainly on the back of profit booking by the speculators. Strong export demand prevailed in the markets could limit the downtrend of wheat futures.
As per analysts, wheat futures are likely to witness some correction in the coming days as some position holders may go for profit booking after the recent rally.
Indian government has offered around 2.40 lakh tonnes for exports with the price range of $ 265-270 per tonne at ports. Sources suggested that South Korea already purchased around 1.50 lakh tonnes from government.
India has kicked off wheat exports from government stocks with an offer of 240,000 tonnes, which would be the first such sale in at least four years.
India has been struggling to manage bulging stockpiles built up during bumper harvests since 2007.China accounting for most of the reduction wheat supplies for 2012/13 is reduced 5.1 million tonnes with lower world production more than offsetting a 1.6-million-tonnes increase in beginning stocks.
USDA estimated that global ending stocks for 2012/13 are projected 3.3 million tonnes lower at 182.4 million tonnes. These are mainly on the account of 10-12% decline in total stocks in India and China.
In International markets, wheat futures continued firm trend on speculation that demand for the grain in livestock feed will climb as hot, dry weather scorches the U.S. corn crop.
No comments:
Post a Comment