MTECHTIPS has come out with it’s report on Wheat

Wheat: Wheat prices are expected to trade on a lower note due to adequate supplies and anticipation of better sowing prospects. There is a decline in demand as festivals have ended last week which would also contribute to downside biasness. However, the long term trend is expected to be bullish in view of anticipation of less sowing acreage. According to the Ministry of Agriculture, sowing acreage is down by 18% at 4.96 million ha as on November 16th compared to 6.03 million ha last year. But technically, buying is suggested at lower levels for the day.



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