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OUTLOOK-India wheat seen recovering on value buying
MUMBAI, June 25 |
MUMBAI, June 25 (Reuters) - Indian wheat futures are expected to recover this week on value buying by traders following a sharp fall in its prices and improvement in wheat prices in the overseas market.
"Besides concerns over lower-than-average monsoon, which is pushing the prices of all farm commodities, an improvement in international wheat prices could also push the prices of wheat up," said Faiyaz Hudani, senior analyst with Kotak Commodity Services.
On Monday, the July wheat contract on the National Commodity and Derivatives Exchange (NCDEX) provisionally closed up 0.44 percent at 1,151 rupees per 100 kg.
The July contract could touch 1,190 rupees this week, Hudani said.
European milling wheat futures surged to a one-year high for the benchmark new crop contract of 222.75 euros a tonne on Monday, buoyed by a sharp rise on U.S markets.
India has not been able to export much wheat as the prices in the overseas markets were lower than the domestic market, however the rise in global wheat prices has revived hopes of higher shipment from India, Hudani said.
India, the world's second-biggest rice and wheat producer, has been facing storage problems due to record harvests in recent years.
On June 1, India's state-run warehouses had a record 82.3 million tonnes of grain stocks against 63.0 million tonnes of storage space, forcing authorities to store grains under tarpaulin.
Last year, it allowed wheat export after a gap of four years to trim its bulging stocks but due to low prices in the overseas market, India was able to ship only one million tonnes of wheat.
Ministers are likely to decide soon on wheat exports from government warehouses and whether to give any incentives for overseas sales due to unattractive global prices.
The government is exploring various ways to reduce inventories, which includes selling wheat to bulk users and is also trying to ship wheat to sanction hit Iran. (Reporting by Deepak Sharma; Editing by Anand Basu)
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