As one of the most widely consumed and traded commodities globally, wheat and Bengal gram have significant importance in the agricultural markets. Farmers, traders, and other market participants closely monitor the market information about these crops to make informed decisions about production, pricing, and trading.
Market Information of Wheat:
Wheat is a cereal grain that is widely cultivated and traded globally. The market information related to wheat includes various factors that impact the production and pricing of this crop, such as weather conditions, supply and demand, import and export policies, exchange rates, global grain stocks, and crop yields.
Weather conditions play a crucial role in the production of wheat. Droughts, floods, and other natural calamities can significantly affect the crop yield, leading to scarcity in supply and higher prices. A good rainfall along with proper sunlight and temperature can lead to a high crop yield, thereby reducing prices.
Furthermore, the supply and demand of wheat in the market play a crucial role in pricing. The increase in demand for wheat products such as flour, bread, and pasta leads to higher prices, while oversupply in the market results in lower prices.
Exchange rates also have a significant impact on wheat prices. A weaker value of currency leads to higher prices, as it makes exports more profitable, while a stronger currency reduces the purchasing power of the importing countries, thereby decreasing demand and prices.
Global grain stocks and production estimates also impact the pricing of wheat. Higher stocks lead to lower prices, while a decline in global production reduces supplies and increases prices. Wheat prices also depend on import-export policies and trade agreements between countries.
Market Information of Bengal Gram:
Bengal gram or chickpea is an essential pulse crop that is grown worldwide. The market information about Bengal gram includes various factors such as weather conditions, supply and demand, import-export policies, exchange rates, crop yields, and crop diseases.
As with wheat, weather conditions can significantly affect crop yields and pricing. For example, droughts or heavy rainfall can lead to either lower production or crop diseases, which in effect increase the price of chickpeas.
Supply and demand are also important factors that impact the pricing of Bengal gram. A high demand and low supply of the crop lead to higher prices while an oversupply and low demand lead drastically reduce the prices.
Exchange rates have a significant impact on the price of Bengal gram, too. A weaker currency leads to higher export earnings, ultimately increasing the price of chickpeas, while a stronger currency reduces exports, leading to a decline in demand and pricing.
Crop diseases, such as Fusarium wilt, Ascochyta blight, and Botrytis grey mould, significantly affect the crop yield and pricing of chickpeas. The key to reducing the effect of crop diseases is by developing a good information system to facilitate early warning, detection, and preventive measures.
Lastly, import-export policies and trade agreements between countries have a crucial impact on the pricing of chickpeas. Favorable trade agreements lead to a better price for farmers, while unfavorable policies impact pricing negatively.
In closing, market information and analytics play a critical role in keeping track of the trends in wheat and Bengal gram prices. Therefore, the availability, accuracy, and timeliness of market information cannot be overemphasized.