Spot Market Update: Wheat Eases On Weak Flour Millers Demand

Weakness continued in Wheat market on poor offtake by flour millers. The spot prices of wheat declined by Rs 7 per quintal at Delhi Mandi. Domestic supplies are seen steady in near term while retail buying is also holding up. According to the latest update from United States Department of Agriculture (USDA), the global wheat production is projected at 747.8 million tons, down 10.6 million from the previous years record. Most of the year-over-year production decline stems from a 13.0-million-ton reduction for Russia.