Mumbai, May 20 (Commodities Control): Wheat prices across major centers have continued to trade steady to firm, supported by weak domestic arrivals and reports of relatively low stock availability with the government. The lessened possibility of the govt initiating the Open Market Sale Scheme (OMSS) soon has further buoyed market sentiments.
Today, wheat prices were quoted firm, increasing by INR 10-25 per quintal across various major centers. In Delhi, prices rose by INR 10 per quintal to INR 2490 per quintal. Rajasthan's new wheat maintained a steady price at INR 2570 per quintal. In Bengaluru, prices increased by INR 30 per quintal, reaching INR 2850 per quintal (net). Madhya Pradesh wheat traded steadily at INR 2550-60 per quintal ex-warehouse, while Uttar Pradesh traded at INR 2450 per quintal. Gujarat saw an increase of INR 30, with prices reaching INR 2610 per quintal.
In Uttar Pradesh, mandi prices firmed by INR 10, reaching INR 2370 per quintal, as arrivals were much lower than expected. Hardoi mandi reported arrivals of 20,000 bags, significantly less than the 30,000-35,000 bags received during the same period last year.
Experts suggest that farmers are holding back their crop, anticipating further price increases. Market sources expect a significant rise in wheat prices in the coming days due to the current market conditions.
Government procurement is struggling to meet its requirements at current rates. Given the current scenario, wheat prices are likely to rise by INR 50-75 per quintal in the near term.
In Punjab and Haryana, arrivals have significantly declined, and wheat supplies are not easily available at current rates. Government procurement is progressing slowly, making any major increase in procurement unlikely at present.
Despite the challenges, government agencies' wheat procurement this year is set to surpass last year’s figure of 262 lakh tons in the next few days.
Most stockists who have stored wheat are expected to hold onto their supplies in the coming months. As buyers face difficulties in securing wheat at current rates, wheat prices are projected to rise by INR 50-75 per quintal in the near term.
Overall, wheat prices are trading steady to firm due to low domestic arrivals, limited government stocks, and cautious behavior by farmers and stockists. This trend is expected to continue, with prices likely to increase further in the near future.
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