New Delhi, May 9 (CommoditiesControl): Wheat prices maintained stability or displayed slight firmness across major centers, as buyers faced pressure to offer higher rates amidst seller reluctance to accept lower prices.
The decrease in wheat arrivals in North India, coupled with active government procurement in select states, continued to provide support to prices.
In Gujarat, wheat purchases showed improvement compared to previous days, leading to price hikes of INR 5-10 per quintal, reaching INR 2570-2580 per quintal. However, buyer enthusiasm remained subdued due to sluggish demand for processed wheat products.
In Delhi, prices remained steady at INR 2480 per quintal, while new wheat in Rajasthan traded steadily at INR 2570 per quintal, supported by robust demand. Bengaluru prices remained stable at INR 2840-2850 per quintal (net), and Madhya Pradesh wheat traded at INR 2550-2560 per quintal ex-warehouse. Prices in Uttar Pradesh also traded steadily at INR 2410-2420 per quintal.
The uptake for processed wheat products typically increases from June onwards. With declining arrivals in mandis and indications that stocks are being held by stronger farmers who are not actively selling at current rates, a steady to firm trend in wheat prices is expected in the near to medium term. However, a significant price surge may be restrained if the government initiates wheat sales in the open market at relatively lower rates.
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