Today Wheat Outlook (19marc): Kedia Commodities
Published on Friday, March 19th, 2010 at 5:38 PMAuthor: onlinecommoditycalls (1958 Articles)
Wheat futures traded range bound and ended on a slightly negative note during yesterday’s session.
The March contract on MCX exchange traded in a range of 1141 to 1156 levels and ended the session at 1143.2 levels with a negative change of 0.76 per cent
Outlook:
Wheat may open up as the government is planning to increase the prices of wheat and rice sold under Public distribution system, but later may resume its downtrend its bearish fundamentals
Despite huge stocks and lack of adequate storage facility, the central government has decided to continue with ban on exports
With the National Food Security Bill that assures 25 kg of wheat or rice a month to Below Poverty Line people, the government would rather hold on to stocks than risk depletion and pay compensation to families, according to media reports
But the government will extend duty-free import of wheat till March 31 and step up efforts to enhance storage capacity and release more quantities for Above Poverty Line people under the Targeted Public Distribution System
Also the cabinet on Friday is scheduled to take up the controversial proposal for raising prices of wheat and rice sold through ration shops to Rs 11 a kg and Rs 15.37 a kg, respectively
Courtesy: Kedia Commodities
Subscribe to my newsletter filling the form below. I'll try to make you happy.
Related Posts
|
|
|
Market Live |
|
|
Loading ...