New Delhi, June 14 (Commodities Control): Wheat prices continued to trade steady to firm across major centers on Friday, buoyed by the government's report of not receiving any proposal to alter the duty structure on imports. This news uplifted market sentiments.
The food ministry confirmed that there is no current proposal to alter the duty structure on wheat imports. Sentiments were further bolstered by reports suggesting the government may not start the Open Market Sale Scheme (OMSS) soon. An FCI official mentioned that there were no discussions about open market sales of wheat in electronic auctions, but a tentative decision might be made after the procurement season ends in June.
Following the government press release, many sellers became reluctant to sell at current rates, leading to an INR 20 rise in mandi prices today.
Several multinational companies are actively purchasing wheat in Central India. Some increased buying activity from South Indian millers was observed today, although their activity level is lower as they have already acquired substantial quantities in recent weeks.
In Delhi, prices traded up by INR 30 to INR 2680 per quintal. In Rajasthan, new wheat traded up by INR 20 to INR 2660 per quintal. Bengaluru prices remained steady at INR 2860 per quintal (net). In Madhya Pradesh, prices were steady at INR 2620 per quintal ex-warehouse.
In Uttar Pradesh, prices increased by INR 30 to INR 2570 per quintal, with a significant number of rakes having moved out in the last three weeks. In Uttarakhand, prices went up by INR 30 to INR 2580 per quintal. In Gujarat, prices rose by INR 30 to INR 2670 per quintal. In Kolkata, prices also went up by INR 30 to INR 2750 per quintal. In Bihar, prices increased by INR 30 to INR 2550 per quintal.
Given the current scenario, wheat prices are expected to rise in the near term.
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