An exercise undertaken to curb the wheat boom

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- Commodity Current : Jayavadan Gandhi

After two and a half months of bullion commodity gold and silver last week, gold and silver prices crossed Rs 52,300 per 10 grams and silver prices crossed Rs 61,600 per kg after Lal Chol boom. Globally, as the dollar index went down and the inflation graph came down, there was a sudden boom in the gold and silver market. In a short period of time, there was a significant rise of about two thousand rupees per 10 grams of gold. There was a rise of 145 dollars at the global level. If there is no increase in interest rates in America and if inflation is controlled, there is still a boom in gold in the near future and due to this, the expectations of gold prices to rise to around 55000 rupees are prevailing in the market. Apart from this, crude oil with high volatility at the global level is also in favor of market decline due to the impact on consumption due to Corona in China. However, India's new policy after the Russia-Ukraine war has benefited. Western countries like America have imposed many sanctions against Russia and due to this Western countries are also troubled. In this situation, the Indian government is playing a new bet by buying vacuum gas oil from Russia at a cheap price and supplying it to America at a high price.

Globally, the prices of edible oils are rising, but domestically, even after the festive season, the price of edible oils is increasing. The prices of Suryamukhi oil have remained in the high range of Rs 160-165 with the highest increase of 25 per cent. Sunflower oil is largely imported from Ukraine. Apart from this, other mustard oil 145 to 150, soybean 140 to 145, and palm oil are also seen in the high range of 105 to 110 rupees. The government may abolish 40 percent tax on imports in the near future to break the wheat boom. And the stock reserved for states is also expected to be relaxed for sale in the open market. Following a sudden fall in the wheat crop, the export of the grain was banned in May last year. At present the market is slow in wheat incomes. Farmers are also likely to have negligible stock. Due to which wheat prices are up to Rs 26,500 per ton i.e. about 27 to 28 percent higher after export ban. At present, the government is likely to take strict measures to control the wheat boom during the wedding season.

As the demand for good goods in Isbagul is good, the market is in the range of 3400 to 3500, remaining on correction. Since the new goods are coming to the end of March and currently the foreign demand is also free export of two to two and a half lakh sacks per month, there is still a need for eight to nine lakh sacks of Isbagul goods. At present, about 50 percent of isabgul is in demand from the US and the rest from other countries. If the demand is maintained against the shortage of goods, the possibility of Isbagul prices going up to the level of 3800 to 4000 is prevailing among the traders. Monsoon Sesame income from Kathiawar and Rajasthan continues to increase as the cold weather sets in. Due to the lack of expected cold weather, if cumin and ajma are planted at present, there is a possibility of crop failure, so the planting is likely to be delayed by a fortnight.

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