New Delhi, March 27 (Commoditiescontrol): Wheat prices displayed a mix of steady and weak trends today across various markets in India.
Here's a summary of the market movements:
- Delhi: Prices traded weaker by Rs 50 per quintal, ranging between Rs 2525-2550 per quintal.
- Gujarat: New wheat prices remained steady at Rs 2460-2480 per quintal.
- Rajasthan: New wheat traded at Rs 2520 per quintal, with arrivals recorded at 6000-6200 MT.
- Uttar Pradesh (UP): Prices traded down by Rs 50 per quintal, standing at Rs 2550 per quintal.
- South (Hyderabad): New wheat MP line traded steady at Rs 2670 per quintal.
- Bangalore: MP line traded steady at Rs 2750 per quintal.
- Kolkata: Prices traded down by Rs 20 per quintal, reaching Rs 2690 per quintal. Supplies from Bihar contributed to the market, with prices also trading down by Rs 10 per quintal at Rs 2510 per quintal.
In response to market trends, the Indian government has indicated its readiness with the open market sale scheme for the next fiscal year. This move aims to regulate the wheat market, ensuring official procurement to meet the target of 37.3 million tons, as reported by various media sources.
Under the open market sale scheme, if the government sells wheat at the reserved price of Rs 2275-2300 until July in non-procuring states, it's anticipated that physical wheat prices will likely remain stable, given that new wheat mandi prices are currently trading near these levels.
Conversely, if the government sells wheat at the reserved price to Southern mills, it may result in the retention of supplies in the Central and North zones, impacting the distribution dynamics across the country.
Considering the current stance of the government, a modest improvement in wheat prices may be observed in the near term. However, any significant surge in prices appears unlikely in the medium term, given the prevailing market dynamics and government interventions.
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