Spot Market Update: Wheat Supported On Festive Demand

Spot Wheat is holding up amid good buying from stockists as festive demand is supporting the sentiments. Spot Wheat is up marginally to trade at Rs 2056 per quintal in Delhi. The government has increased the MSP for wheat by 6% to 1,840 a quintal, for the 2018-19 season. The government has announced a sharp increase in the MSP for major rabi crops in line with the governments mandate to double farmer incomes by ensuring around 50% return over their cost of production.