Mumbai, June 25 (CommoditiesControl): Wheat prices across various markets remained stable today following the imposition of stock limits by the Government of India aimed at curbing hoarding and stabilizing the market. This move has made buyers cautious about purchasing at current price levels, while sellers are also hesitant to lower their prices further.
Under the new regulations, wholesalers are limited to stocking a maximum of 3,000 tons, retailers and big chain retailers are restricted to 10 tons per outlet, and processors can hold stocks up to 70% of their monthly capacity multiplied by the remaining months of the financial year. Additionally, all major retailers and wholesalers must report their stocks every Friday on the Food Ministry's portal.
To further stabilize the market, the government is contemplating a reduction in import duties on wheat. This step aims to ensure adequate supply and control prices amid global market fluctuations.
In terms of market prices:
- Delhi witnessed wheat prices holding steady at INR 2660 per quintal.
- Rajasthan reported new wheat prices steady at INR 2650-2660 per quintal.
- Bengaluru's market saw wheat trading unchanged at INR 2900 per quintal (net).
- Madhya Pradesh reported ex-warehouse prices at INR 2610-2620 per quintal, also unchanged.
- Uttar Pradesh and Uttarakhand both maintained steady prices at INR 2550 and INR 2580 per quintal, respectively.
- Gujarat's wheat prices remained stable within the range of INR 2640-2650 per quintal.
- Kolkata market prices were unchanged at INR 2740-2750 per quintal.
- Bihar reported wheat prices steady at INR 2550-2560 per quintal.
- Goa's mill delivered rates held steady at INR 2890 per quintal.
Internationally, Black Sea CNF quotes stood at USD 270 per ton. When adding INR 3000 per ton for local freight and CHA charges, the mill delivered prices equated to INR 25600 per ton. Global wheat prices have softened slightly by 3-4% due to Turkey's import restrictions and a minor improvement in Russian crop forecasts.
Market sentiment suggests that while most stockists had anticipated the stock limits and adjusted their holdings accordingly, any significant impact on wheat prices seems unlikely. Some Bihar-based buyers, who had temporarily paused purchases, resumed activity in the evening session with slight reductions in prices by INR 20-30 per quintal.
Looking ahead, wheat prices are expected to recover following the initial dip of INR 20-30 per quintal. However, cautious buying behavior may persist among buyers considering the government's potential reduction in import duties if market conditions warrant such action.
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