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LATEST NEWS UPDATES | Less cash and low stocks make wheat prices climb -Harish Damodaran

Less cash and low stocks make wheat prices climb -Harish Damodaran

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published Published on Nov 20, 2016   modified Modified on Nov 20, 2016
-The Indian Express

In wheat, the situation has been worsened by stocks with FCI — at 18.84 million tonnes (mt) as on November 1 — at a nine-year low.

New Delhi: Wheat prices have spiralled, reflecting the precarious domestic stocks position and concerns over production of new crop because farmers are unable to arrange sufficient cash for cultivation operations, following the demonetisation of Rs 500 and Rs 1,000 currency notes.

Wheat was sold at a range of Rs 2,338-Rs 2,379 per quintal at the Food Corporation of India’s (FCI) latest e-auction of stocks from its depots in Delhi on November 17. This was higher than the Rs 1,943-Rs 1,959 and Rs 2,124-Rs 2,129 rates at the preceding weekly e-auctions held on November 11 and November 3, respectively.

“Prices initially fell after the demonetisation decision on November 8 because the general feeling was that millers and traders would be cash-strapped, making it difficult to undertake purchases. But now, it seems that lack of cash with farmers, which could potentially impact sowing and cultivation operations of the new crop, is a real concern,” said trade sources.

Significantly, though, the Agriculture Ministry’s latest data released on Friday shows the total area sown under wheat in the current rabi season was 79.40 million hectares (mh), marginally higher than the 78.83 mh covered during the same period of last year.

“Sowing, as such, may not be affected because farmers normally use a portion of grain retained from the previous year’s crop as seed; not many buy fresh seeds every year for planting of wheat. The more serious issue is whether there will be enough cash with them to buy inputs and pay for labour as the season progresses,” said sources.

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The Indian Express, 19 November, 2016, http://indianexpress.com/article/business/commodities/demonetisation-less-cash-and-low-stocks-make-wheat-prices-climb-4383385/


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