Spot Market Update: Wheat Trades Lower On Heavy Stocks In Local Mandies

Hefty stocks of wheat in local mandies have kept selling pressure present in wheat. The spot prices of wheat declined by Rs 5 per quintal at Delhi Mandi. However, 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.