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Stock advisory Company, Wheat, sugar, other crops price to remain sluggish in 2017-18: NCMSL
Upside in mustard seed and maize prices too might be capped
The country's wheat output could drop by 2.31 percent to 96.1 million tonnes in the 2017-18 crop year due to shifting in the area to other crops but it won’t stop prices from remaining sluggish, research done by private agri-commodities management and services firm National Collateral Management Services Ltd (NCMSL) said on Tuesday.
Not only wheat, the research showed that chana prices are expected to remain below the Minimum Support Price (MSP) of Rs 4,400 per quintal for most of the season and upside will be capped at Rs 4,600 per quintal.
Sugar prices will trade in the band of Rs 2,780-3,250 per quintal with a pressure on any upper movement.
The price and crop outlook by NCMSL, India largest private warehousing and weather data provider also showed that though cotton production in 2017-18 might suffer due to pink bollworm attack, the price increase won’t be too sharp due to supply pressures and any upside would be capped at Rs 23,000 candy (1 candy = 356 kilograms) while on the downside it might slide up to Rs 18,900 per candy.
Soybean rates too would consolidate around Rs 3,100-3,400 per quintal levels with a negative bias.
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