Mumbai, 22 Mar 2024 (Commoditiescontrol): – Wheat prices remained largely stable across major Indian markets today, with modest stockist buying providing price support. In Indore, a key trading hub, mill-quality wheat is quoted at INR 2400-2425 per quintal, unchanged from yesterday. Market activity was slowed in anticipation of the upcoming Holi festival, with markets scheduled to be closed between March 23rd and 25th.
Despite recent increases in arrivals, Indore mill-quality wheat has maintained a stable price range of INR 2360-2380 per quintal for the month of March. Analysts suggest that prices have found a floor near current levels, bolstered by the government's commitment to procure wheat at INR 2400 (plus INR 125) in this region. Stockists believe that this government support should limit any further price declines.
Uttar Pradesh: Disruptions in rake movement from the Shahjahanpur zone in April have reduced trade activity to southern India.
Delhi: Prices declined by INR 50 today to INR 2600 per quintal.
Gujarat: Prices held firm at INR 2460-2480 per quintal for new wheat.
Uttar Pradesh: Market prices slipped by INR 20 to INR 2580 per quintal.
Hyderabad: Prices fell by 20 percent to INR 2650 per quintal.
Bangalore : Spot prices were unchanged at INR 2750 per quintal.
Kolkata: Prices traded steady at INR 2710 per quintal. Bihar, the main supply source, also saw stable prices at INR 2520 per quintal.
Market experts anticipate wheat prices to trade within a steady to firm range in the near future. However, with the government actively selling wheat until July at relatively low prices, any sharp price increases may be unlikely. With prices appearing near their lower limits, analysts suggest that current levels may be a suitable time to consider wheat purchases.
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