Mumbai, 30 Apr (Commoditiescontrol): Wheat prices across India's primary markets held steady today. This stability is attributed to active stockist buying and ongoing government procurement efforts. However, slower-than-expected arrivals in Uttar Pradesh suggest potential supply constraints.
In Kolkata, prices remained at INR 2625 per quintal. Wheat arrivals in Uttar Pradesh (UP) mandis continue to lag projections, reaching only 50,000-70,000 bags compared to the anticipated 1 lakh bags. This shortfall indicates farmers may be holding onto stocks, anticipating further price increases.
Prices in Bihar displayed a positive bias, ranging from INR 2470-2480 per quintal, supported by continued stockist interest.
Government wheat procurement stands at 19.6 million tons, below last year's 22.3 million tons during the same period. Officials remain confident in reaching their 20 million ton procurement target from Punjab and Haryana.
Delhi prices held at INR 2480 per quintal, with new wheat from Rajasthan and Gujarat trading steady at INR 2570 per quintal due to robust demand.
Hardoi mandi wheat prices firmed by INR 5 per quintal, reaching INR 2335 per quintal. Arrivals were approximately 40,000 bags. Stockists and large companies in UP are actively acquiring wheat, contributing to the expectation of continued price stability or potential increases in the near term. Uttar Pradesh ex-warehouse prices were stable at INR 2450 per quintal, and Madhya Pradesh (MP) wheat traded steady at INR 2550 per quintal ex-mill.
New wheat from MP was steady in Hyderabad at INR 2870 per quintal, with spot prices in Bangalore unchanged at INR 2920 per quintal. Rake movement of wheat continues from Tikamgarh in MP.
In Pune, buyers remain active, while a portion of farmers hold onto supplies. Lower yields further support expectations of steady to firm prices in the near term.
The current market scenario suggests stable wheat prices in the near term, potentially with slight increases. However, the slower pace of government procurement and potential changes to import duties could influence longer-term price trends. Market participants will closely monitor these factors as they could limit any sharp price rises.
(By Commoditiescontrol Bureau: 09820130172)
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